11. Mr. Dalisay received the following compensation and benefits during the entire year: Annual Basic Salary 13th Month Pay and Other Benefits Laundry Allowance Rice Allowance Uniform and Clothing Allowance Loyalty Award for Length of Service(CASH) Productivity Incentive P 650,000 P 230,000 P 3,600 P 42,000 P 8,000 P 5,000 P 5,000 Compute for the taxable income and non-taxable income and benefits. (5pts

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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please answer number 11 only, asap. thank you
vance amounting to P6,500 a year
given during Christmas amounting to
k of rice (50 kg) each month. The rice is
50.00 per kilo.
me actual medical assistance amounting
00 was received during the year.
M SOLVING
wing problems.
al answer on the space provided. Present your solution at the back page or attach a separate
sary.
CR
QUESTION
Leah sells gadgets. She is given 13% commission for all her sales. How much
commission will she receive when her sales amounted to P51,250? (2pts.)
Nathan makes P12,250.00 a month plus some money by commission rates.
He earns 7% commission from everything he sells. If his sales amounted to
P86,000 this month, what is his gross earnings for the month? (2pts.)
Nena is paid straight commission of P25.00 for each item she sold. Last month
she sold 238 items. How much commission did she receive? (2pts.)
Judith is an insurance agent. She gets 5% on the first P150,000.00 sales and
8% on any amount over it. This month her sales totaled P386,000.
What is her gross pay? (2pts.)
Boy is paid salary of P23,087 a month. What is his total annual salary? (2pts.)
Junnie works as a part-time crew in a fast food chain in the city with the
following schedule for one week: Monday, 5 hours; Tuesday, 6 hours;
Wednesday, 4 hours; Thursday, 6 hours; Friday, 3 hours. If he was paid
P140.25 an hour, how much will he get for the week? (2pts.)
3
4
If an accountant in a private firm is being offered a salary ofP18,000 every two
weeks. How much will be his annual salary? (2pts.)
Mr. Abundo gets a basic salary of P63,000.00 per month, a living allowance of
P2,500.00 per month, and a hazard pay of P3,000.00 every month.
What is his monthly gross income? (2pts.)
Suppose Mr. Abundo (refer to item no. 8) has to pay monthly an amount of
P 5,355.96 for income tax, P1,102.50 for PhilHealth, P100.00 for Pag-Ibig and
P5,670 for GSIS contributions.
What is his monthly net income? (2pts.)
What is Mr. Abundo’s (refer to item no. 8), annual net income? (2pts.)
7.
8.
9.
10.
11.
Mr. Dalisay received the following compensation and benefits during the entire
year:
Annual Basic Salary
13th Month Pay and Other Benefits
Laundry Allowance
Rice Allowance
P 650,000
P 230,000
P 3,600
P 42,000
P 8,000
P 5,000
P 5,000
Uniform and Clothing Allowance
Loyalty Award for Length of Service(CASH)
Productivity Incentive
Compute for the taxable income and non-taxable income and benefits. (5pts)
56
Transcribed Image Text:vance amounting to P6,500 a year given during Christmas amounting to k of rice (50 kg) each month. The rice is 50.00 per kilo. me actual medical assistance amounting 00 was received during the year. M SOLVING wing problems. al answer on the space provided. Present your solution at the back page or attach a separate sary. CR QUESTION Leah sells gadgets. She is given 13% commission for all her sales. How much commission will she receive when her sales amounted to P51,250? (2pts.) Nathan makes P12,250.00 a month plus some money by commission rates. He earns 7% commission from everything he sells. If his sales amounted to P86,000 this month, what is his gross earnings for the month? (2pts.) Nena is paid straight commission of P25.00 for each item she sold. Last month she sold 238 items. How much commission did she receive? (2pts.) Judith is an insurance agent. She gets 5% on the first P150,000.00 sales and 8% on any amount over it. This month her sales totaled P386,000. What is her gross pay? (2pts.) Boy is paid salary of P23,087 a month. What is his total annual salary? (2pts.) Junnie works as a part-time crew in a fast food chain in the city with the following schedule for one week: Monday, 5 hours; Tuesday, 6 hours; Wednesday, 4 hours; Thursday, 6 hours; Friday, 3 hours. If he was paid P140.25 an hour, how much will he get for the week? (2pts.) 3 4 If an accountant in a private firm is being offered a salary ofP18,000 every two weeks. How much will be his annual salary? (2pts.) Mr. Abundo gets a basic salary of P63,000.00 per month, a living allowance of P2,500.00 per month, and a hazard pay of P3,000.00 every month. What is his monthly gross income? (2pts.) Suppose Mr. Abundo (refer to item no. 8) has to pay monthly an amount of P 5,355.96 for income tax, P1,102.50 for PhilHealth, P100.00 for Pag-Ibig and P5,670 for GSIS contributions. What is his monthly net income? (2pts.) What is Mr. Abundo’s (refer to item no. 8), annual net income? (2pts.) 7. 8. 9. 10. 11. Mr. Dalisay received the following compensation and benefits during the entire year: Annual Basic Salary 13th Month Pay and Other Benefits Laundry Allowance Rice Allowance P 650,000 P 230,000 P 3,600 P 42,000 P 8,000 P 5,000 P 5,000 Uniform and Clothing Allowance Loyalty Award for Length of Service(CASH) Productivity Incentive Compute for the taxable income and non-taxable income and benefits. (5pts) 56
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