In 2021, Archibald Corporation incurred the following expenses in connection with the product of its business: P100,000 worth of plane tickets and hotel bills of its employees who were sent to business seminars; P200,000 transportation allowances of its officers from home to office and vice versa as part of their employment contract; P80,000 transportation expenses of messengers from office to several clients; P20,000 special assessment. Determine the allowable expenses that could be deducted by Archibald Corporation from its gross income.
In 2021, Archibald Corporation incurred the following expenses in connection with the product of its business: P100,000 worth of plane tickets and hotel bills of its employees who were sent to business seminars; P200,000 transportation allowances of its officers from home to office and vice versa as part of their employment contract; P80,000 transportation expenses of messengers from office to several clients; P20,000 special assessment. Determine the allowable expenses that could be deducted by Archibald Corporation from its gross income.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 30CE
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Transcribed Image Text:In 2021, Archibald Corporation incurred the
following expenses in connection with the product
of its business: P100,000 worth of plane tickets and
hotel bills of its employees who were sent to
business seminars; P200,000 transportation
allowances of its officers from home to office and
vice versa as part of their employment contract;
P80,000 transportation expenses of messengers
from office to several clients; P20,000 special
assessment. Determine the allowable expenses
that could be deducted by Archibald Corporation
from its gross income.
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