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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education