Juan Dela Cruz, accounting manager of ABC corporation, provided the following data for 2020 taxable year: Salaries @ P120,000 per month Allowance subject to liquidation Allowances not subject to liquidation Rice allowances at P3,000 a month Christmas gift/bonus 13th month pay and mid-year bonus Productivity incentive pay covered by a CBA Monetized unused vacation leave for 12 days Monetized unused sick leave for 5 days Monetized cash allowance to dependents Actual medical benefits Creditable withholding tax on compensation income P1,440,000 50,000 60,000 36,000 30,000 240,000 25,000 66,000 27,500 3,000 10,000 397,150 How much is the inconme tay p gvable of Jugn for the vear?
Juan Dela Cruz, accounting manager of ABC corporation, provided the following data for 2020 taxable year: Salaries @ P120,000 per month Allowance subject to liquidation Allowances not subject to liquidation Rice allowances at P3,000 a month Christmas gift/bonus 13th month pay and mid-year bonus Productivity incentive pay covered by a CBA Monetized unused vacation leave for 12 days Monetized unused sick leave for 5 days Monetized cash allowance to dependents Actual medical benefits Creditable withholding tax on compensation income P1,440,000 50,000 60,000 36,000 30,000 240,000 25,000 66,000 27,500 3,000 10,000 397,150 How much is the inconme tay p gvable of Jugn for the vear?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 6P
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