Mercedes is a recipient of Ulirang Inay Award in Baguio City. She received a plaque and cash prize of P100,000 from the sponsors. Ulirang Inay Award is given by the City Government of Baguio to those mothers who showed exemplary actions as a mother. Mercedes received the award without any effort on her part. How much should be withheld as final tax from the cash prize received by Mercedes?        a. P0       b. P10,000       c. P20,000       d. P25,000       e. Answer not given

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Mercedes is a recipient of Ulirang Inay Award in Baguio City. She received a plaque and cash prize of P100,000 from the sponsors. Ulirang Inay Award is given by the City Government of Baguio to those mothers who showed exemplary actions as a mother. Mercedes received the award without any effort on her part. How much should be withheld as final tax from the cash prize received by Mercedes? 
 
 
 
a. P0
 
 
 
b. P10,000
 
 
 
c. P20,000
 
 
 
d. P25,000
 
 
 
e. Answer not given
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