Cardo is private rank and file employee working in a remote an Internet Company received the following benefits during 2021: 13th month pay -P72,000; Performance Bonus - P15,000; Christmas Gift - P30,000; Hazard Pay - P6,000; Housing privilege P38,000; Uniform and clothing allowance - P9,000; Laundry allowance - P6,000; The housing privilege pertains to the annual value of the employee's living quarters furnished by the employer to the employees. What is the excess de minimis benefits which will be part of 13th month pay and other benefits?

Cardo is private rank and file employee working in a remote an Internet Company received the following benefits during 2021: 13th month pay -P72,000; Performance Bonus - P15,000; Christmas Gift - P30,000; Hazard Pay - P6,000; Housing privilege P38,000; Uniform and clothing allowance - P9,000; Laundry allowance - P6,000; The housing privilege pertains to the annual value of the employee's living quarters furnished by the employer to the employees. What is the excess de minimis benefits which will be part of 13th month pay and other benefits?

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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