11:42 MOA * l 19 ull 49%ALLOWABLE DED...ACTIVITY A• During 2018 AwW company incurred the following expenses relatedto the travel of its officers and employees:• Foreign travel of officers and employees ( Plane ticket, Meals andLodging : for attending training and seminarsP 1,500,000• Domestic travel of employees related to business 400,000•Travel expenses of the spouse of the vice president• of finance125,000• Required: Compute the allowable deduction for travel expensesACTIVITY B• During 2020 the total net amount paid for salaried and wagesamounted to P 16,000,000 after the following deduction:• SSS employees contributions• PAG IBIG contributions• Philhealth employee contribution• Withholding tax• In addition the Lotus Company its manager P 600.000 cash as fringebenefitsP 800,000300,000160,000540,000• Required : Compute the allowable salary deductionАCTIVITY C•Mr. Marco Gamboa widow with three qualified dependent children;Anica 19. Andrew is 17 and Kris 10 years old• Annual Salary• Allowance received from employer• Gross sales from his restaurant businessP 1,700,000300,0006,000,000• Cost of sales3,000,000• Itemized business allowable expenses-total460.000• Required: Determine the net taxable income using the 10-12/13standard deduction.II

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ACTIVITY A • During 2018 AWW company incurred the following expenses related to the travel of its officers and employees: • Foreign travel of officers and employees ( Plane ticket, Meals and Lodging : for attending training and seminars P 1,500,000 • Domestic travel of employees related to business 400,000 •Travel expenses of the spouse of the vice president • of finance • Required: Compute the allowable deduction for travel expenses 125,000

ACTIVITY A • During 2018 AWW company incurred the following expenses related to the travel of its officers and employees: • Foreign travel of officers and employees ( Plane ticket, Meals and Lodging : for attending training and seminars P 1,500,000 • Domestic travel of employees related to business 400,000 •Travel expenses of the spouse of the vice president • of finance • Required: Compute the allowable deduction for travel expenses 125,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

11:42 MO
A * l 19 ull 49%
ALLOWABLE DED...
ACTIVITY A
• During 2018 AwW company incurred the following expenses related
to the travel of its officers and employees:
• Foreign travel of officers and employees ( Plane ticket, Meals and
Lodging : for attending training and seminars
P 1,500,000
• Domestic travel of employees related to business 400,000
•Travel expenses of the spouse of the vice president
• of finance
125,000
• Required: Compute the allowable deduction for travel expenses
ACTIVITY B
• During 2020 the total net amount paid for salaried and wages
amounted to P 16,000,000 after the following deduction:
• SSS employees contributions
• PAG IBIG contributions
• Philhealth employee contribution
• Withholding tax
• In addition the Lotus Company its manager P 600.000 cash as fringe
benefits
P 800,000
300,000
160,000
540,000
• Required : Compute the allowable salary deduction
АCTIVITY C
•Mr. Marco Gamboa widow with three qualified dependent children;
Anica 19. Andrew is 17 and Kris 10 years old
• Annual Salary
• Allowance received from employer
• Gross sales from his restaurant business
P 1,700,000
300,000
6,000,000
• Cost of sales
3,000,000
• Itemized business allowable expenses-total
460.000
• Required: Determine the net taxable income using the 10-12/13
standard deduction.
II

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