37. The bonus agreement of Christian Company provides that the general manager shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30% The general manager received P350,000 for the current year as bonus. What is the income before bonus and tax? P4,280,000 P4,000,000 P3,700,000 P5,350,000

37. The bonus agreement of Christian Company provides that the general manager shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30% The general manager received P350,000 for the current year as bonus. What is the income before bonus and tax? P4,280,000 P4,000,000 P3,700,000 P5,350,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A Manager of MUUG Corporation received the following remunerations: Gross salaries, net of SSS, PHIC and HDMF sss maternity benefits P1,140,000 P20,000 Profit sharing bonus 13th month pay P155,000 P100,000 Compute the taxable compensation income.
The manager of Pharoah is given a bonus based on net income before taxes. The net income after taxes is $75980 for FIFO and $64500 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?
ss
A bonus package pays an employee s1000 at the end of the first semi-annual, $1500 at the end of the second semiannual, and so on, for the first nine years of employment. What is the present worth of the bonus package at 6% per year compounded monthly A s28,233 B) s66,480 $19,090 $47,665
26. Under the state law, company may pay 3% of eligible gross wages or it may reimburse the state directly for actual unemployment claimes. The entity believes that actual unemployment claims will be 2% of eligible gross wages and has choses to reimburse the state. Eligible gross wages are defined as the first 100,000 of gross wages paid to each employee. The entity had 5 employees, each of whom earned P200,000 during the current year. What amount shall be reported as liability for unemployment claims? a. 10,000b. 15,000c. 20,000
An accountant must pay taxes and payroll bonuses to employees from the company’s profits of $2,000,000. The total tax is 40% of the amount left after bonuses are paid, and the total paid in bonuses is 10% of the amount left after taxes. Find the total tax and the total bonus amount.
7. SESAME-SEED Company has a bonus agreement which provides that the senior managers will receive an annual bonus of 12% of the net income after bonus and tax. The income tax rate is 30%. The senior managers received ₱250,000 for the current year as bonus. What is the net income before bonus and tax?
Entity A has an incentive compensation plan under which the sales manager receives a bonus equal to 10percent of the company's income after deductions for bonus and income taxes. Income before bonus and incometaxes is P500,000. The effective income tax rate is 30 percent. How much is the amount of bonus (rounded to the nearest peso)?a. 32,710 b. 60,748 c. 30,974 d. 37,210 How much is the amount of income tax?a. 131,776 b. 140,708 c. 138,837 d. 140,187
11. During the month. the company paid for the monthly renta! of a dormitory. which is being occupied by the supervisor in the amount of P10,000. It also provided fringe benefit to a clerk amounting to P3,000. The deductible expense of the company is - P 15,692 12,692 а. C. 13,000 b. d. 7.200 CS Scanned with CamScanner