ABC Company is a business that manufactures appliances. ABC distributes annual bonuses to its Vice President for Sales and three division managers, namely: TV Division, Washing Machine Division and Refrigerator Division. The company reported P12,000,000 profit for 2020 before bonuses and income tax. Income tax rate is 30%. How much should the vice president and each division manager receive, respectfully, if the vice president gets 3% and each division manager gets 1% of profit after bonuses but before income taxes? A. P 339,623 and P113,208 B. P 382,979 and P127,659 C. P 169,811 and P169,911 D. P 191,489 and P191,489
ABC Company is a business that manufactures appliances. ABC distributes annual bonuses to its Vice President for Sales and three division managers, namely: TV Division, Washing Machine Division and Refrigerator Division. The company reported P12,000,000 profit for 2020 before bonuses and income tax. Income tax rate is 30%. How much should the vice president and each division manager receive, respectfully, if the vice president gets 3% and each division manager gets 1% of profit after bonuses but before income taxes? A. P 339,623 and P113,208 B. P 382,979 and P127,659 C. P 169,811 and P169,911 D. P 191,489 and P191,489
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Company is a business that manufactures appliances. ABC distributes annual bonuses to its Vice President for Sales and three division managers, namely: TV Division, Washing Machine Division and Refrigerator Division. The company reported P12,000,000 profit for 2020 before bonuses and income tax. Income tax rate is 30%.
How much should the vice president and each division manager receive, respectfully, if the vice president gets 3% and each division manager gets 1% of profit after bonuses but before income taxes?
A. P 339,623 and P113,208
B. P 382,979 and P127,659
C. P 169,811 and P169,911
D. P 191,489 and P191,489
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