Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary rewards: Nature of Benefit/Reward Donor/Grantor Amount Cash incentive under RA 10699 National Government 10,000,000 Cash Donation Private individuals (MVP and RSA) 20,000,000 Cash Donation President of the Philippines 3,000,000 Cash Donation City Government of Zamboanga 2,000,000 Condominium unit Private corporation 14,000,000
Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary rewards: Nature of Benefit/Reward Donor/Grantor Amount Cash incentive under RA 10699 National Government 10,000,000 Cash Donation Private individuals (MVP and RSA) 20,000,000 Cash Donation President of the Philippines 3,000,000 Cash Donation City Government of Zamboanga 2,000,000 Condominium unit Private corporation 14,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary
rewards:
Nature of Benefit/Reward
Donor/Grantor
Amount
Cash incentive under RA 10699
National Government
10,000,000
Cash Donation
Private individuals (MVP and RSA)
20,000,000
Cash Donation
President of the Philippines
3,000,000
Cash Donation
City Government of Zamboanga
2,000,000
Condominium unit
Private corporation
14,000,000
New car
Private corporation
2,500,000
Cosmetics
Private corporation
1,000,000
S1- The cash incentive paid by the national government is exempted from income tax
S2 - The cash donation by MVP and RSA are exclusions from gross income
S3 - The cash donation by the President is exempted from taxation
S4 - The cash donation by the City Government of Zamboanga is subject to donor's tax
Which is FALSE?
O S2
O $4
O S3
o o o o](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fafb38e04-8b9a-4317-8e29-f34f67373899%2F1f2ff090-53e7-4458-80d7-6bc619b94b8c%2Ff2i21wgm_processed.png&w=3840&q=75)
Transcribed Image Text:Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary
rewards:
Nature of Benefit/Reward
Donor/Grantor
Amount
Cash incentive under RA 10699
National Government
10,000,000
Cash Donation
Private individuals (MVP and RSA)
20,000,000
Cash Donation
President of the Philippines
3,000,000
Cash Donation
City Government of Zamboanga
2,000,000
Condominium unit
Private corporation
14,000,000
New car
Private corporation
2,500,000
Cosmetics
Private corporation
1,000,000
S1- The cash incentive paid by the national government is exempted from income tax
S2 - The cash donation by MVP and RSA are exclusions from gross income
S3 - The cash donation by the President is exempted from taxation
S4 - The cash donation by the City Government of Zamboanga is subject to donor's tax
Which is FALSE?
O S2
O $4
O S3
o o o o
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