ABC Quezon Avenue, Inc. is a dealer of trucks and automobiles. ABC distributes annual bonuses to its Vice president for Sales department and three division managers, namely: truck divison, SUV division, and AUV and Sedan Division. The company reported P 12,000,000 profit for year 2019 before bonuses and income tax. Income tax rate is 30%. How much is the total bonus expense that should be recognized for the vice president and each division manager, if the vice president gets 3% and each division manager gets 1%of profit after bonuses before income taxes? P 679,246 P 169,811 P 765,956 P 339,623
ABC Quezon Avenue, Inc. is a dealer of trucks and automobiles. ABC distributes annual bonuses to its Vice president for Sales department and three division managers, namely: truck divison, SUV division, and AUV and Sedan Division. The company reported P 12,000,000 profit for year 2019 before bonuses and income tax. Income tax rate is 30%. How much is the total bonus expense that should be recognized for the vice president and each division manager, if the vice president gets 3% and each division manager gets 1%of profit after bonuses before income taxes? P 679,246 P 169,811 P 765,956 P 339,623
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Quezon Avenue, Inc. is a dealer of trucks and automobiles. ABC distributes annual bonuses to its Vice president for Sales department and three division managers, namely: truck divison, SUV division, and AUV and Sedan Division. The company reported P 12,000,000 profit for year 2019 before bonuses and income tax. Income tax rate is 30%.
How much is the total bonus expense that should be recognized for the vice president and each division manager, if the vice president gets 3% and each division manager gets 1%of profit after bonuses before income taxes?
How much is the total bonus expense that should be recognized for the vice president and each division manager, if the vice president gets 3% and each division manager gets 1%of profit after bonuses before income taxes?
P 679,246
P 169,811
P 765,956
P 339,623
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