How much is the gross income of Mr. Ponce? Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from XYZ: Description Amount Basic salary Overtime and holiday pay Transportation and cellphone allowance Reimbursement of office supplies for XYZ Reimbursement of utilities payment for XYZ P25,000 2,500 4,000 2,000 4,000 O P37,500 P33,500 P31,500 P27,500

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
How much is the gross income of Mr. Ponce?
Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from XYZ:
Description
Amount
Basic salary
Overtime and holiday pay
Transportation and cellphone allowance
Reimbursement of office supplies for XYZ
Reimbursement of utilities payment for XYZ
P25,000
2,500
4,000
2,000
4,000
P37,500
P33,500
O P31,500
O P27,500
Transcribed Image Text:How much is the gross income of Mr. Ponce? Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from XYZ: Description Amount Basic salary Overtime and holiday pay Transportation and cellphone allowance Reimbursement of office supplies for XYZ Reimbursement of utilities payment for XYZ P25,000 2,500 4,000 2,000 4,000 P37,500 P33,500 O P31,500 O P27,500
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education