How much is the amount limit for representation and entertainment expense in Philippine peso? And what is included in representation and entertainment expense? Schedule 4:P 132,067.00Representation and Entertainment Expense per ITRLess: Allowable Representation and Entertainment ExpenseNet Revenues per ITR/AFSMultiply by Ceiling Rate (1% of Net Revenue)Disallowed Representation and Entertainment ExpenseP 9,683,516.001%96,835.1635,231.84

Given Representation and Entertainment expense per ITR = 132,067 Net revenue as per ITR = 9683516 In…

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How much is the amount limit for representation and entertainment expense in Philippine peso? And what is included in representation and entertainment expense?

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

How much is the amount limit for representation and entertainment expense in Philippine peso? And what is included in representation and entertainment expense?

Schedule 4:
P 132,067.00
Representation and Entertainment Expense per ITR
Less: Allowable Representation and Entertainment Expense
Net Revenues per ITR/AFS
Multiply by Ceiling Rate (1% of Net Revenue)
Disallowed Representation and Entertainment Expense
P 9,683,516.00
1%
96,835.16
35,231.84

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