In 2014, Mr. Pacino was employed as account officer in a non-life insurance company. He received P8,000 basic monthly salary. In addition, he gets 5% of gross premium a commission on policies issued under his account. In 2014, gross premiums under hie account totaled P4.2 million. He is likewise entitled to representation allowance of P1,000 a month. 1. How much is to be included as gross income in 2014? d. exempt a. P96,000 b. P306,000 c. P318,000

In 2014, Mr. Pacino was employed as account officer in a non-life insurance company. He received P8,000 basic monthly salary. In addition, he gets 5% of gross premium a commission on policies issued under his account. In 2014, gross premiums under hie account totaled P4.2 million. He is likewise entitled to representation allowance of P1,000 a month. 1. How much is to be included as gross income in 2014? d. exempt a. P96,000 b. P306,000 c. P318,000

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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