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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
Transcribed Image Text: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
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