The compensation package of the Vice-President for Finance of corporation was: Monthly-salaryFixed representation allowanceCar, given by the company, purchase priceP 500,000200,0001,800,00013. The monthly taxable compensation income200,000d. 2,500,000С.a. P500,000b.700,00014. The fringe benefit tax847,058169,411С.d.70,588969,231a.b.15. The fringe benefit tax if the Vice-President shouldered 60% of the cost ofthe cara.387,692169,41170,588С.b.338,824d.CS Scanned with CamScanner

This question deals with the concept of taxable compensation income and fringe benefit tax. As per…

Answered: Monthly salary Fixed representation…

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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