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Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from XYZ: Description Amount Basic salary Overtime and holiday pay Transportation and cellphone allowance Reimbursement of office supplies for XYZ Reimbursement of utilities payment for XYZ P25,000 2,500 4,000 2,000 4,000 How much of the above is the gross income of Mr. Ponce? а. Р37,500 b. Р33,500 с. Р31,500 d. P27,500

Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from XYZ: Description Amount Basic salary Overtime and holiday pay Transportation and cellphone allowance Reimbursement of office supplies for XYZ Reimbursement of utilities payment for XYZ P25,000 2,500 4,000 2,000 4,000 How much of the above is the gross income of Mr. Ponce? а. Р37,500 b. Р33,500 с. Р31,500 d. P27,500

FINANCIAL ACCOUNTING
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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Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from XYZ: Description Amount Basic salary Overtime and holiday pay Transportation and cellphone allowance Reimbursement of office supplies for XYZ Reimbursement of utilities payment for XYZ P25,000 2,500 4,000 2.000 4,000 How much of the above is the gross income of Mr. Ponce? а. Р37,500 b. Р33,500 с. Р31,500 d. P27,500
Transcribed Image Text:Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from XYZ: Description Amount Basic salary Overtime and holiday pay Transportation and cellphone allowance Reimbursement of office supplies for XYZ Reimbursement of utilities payment for XYZ P25,000 2,500 4,000 2.000 4,000 How much of the above is the gross income of Mr. Ponce? а. Р37,500 b. Р33,500 с. Р31,500 d. P27,500
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