Page 3 of 4 I. TAXABLE OR NON-TAXABLE INCOME Put a CHECK MARK on the appropriate column. If the benefit is taxable or has a taxable portion, indicate the taxable amount on the column provided. PURELY NON- TAXABLE If TAXABLE, how much is the taxable amount FOR THE YEAR? BENEFIT TAXABLE 1. Laundry allowance amounting to P 4,500 a year 2. Uniform allowance amounting to P6,500 a year 3. Gifts given during Christmas amounting to P8,000. 4. One sack of rice (50 kg) each month. The rice is valued at P50.00 per kilo. 5. A one-time actual medical assistance amounting to P 25,000.00 was received during the year. IV. PROBLEM SOLVING Solve the following problems. Write your final answer on the space provided. Present your solution at the back page or attach a separat sheet if necessary. ANSWER QUESTION
Page 3 of 4 I. TAXABLE OR NON-TAXABLE INCOME Put a CHECK MARK on the appropriate column. If the benefit is taxable or has a taxable portion, indicate the taxable amount on the column provided. PURELY NON- TAXABLE If TAXABLE, how much is the taxable amount FOR THE YEAR? BENEFIT TAXABLE 1. Laundry allowance amounting to P 4,500 a year 2. Uniform allowance amounting to P6,500 a year 3. Gifts given during Christmas amounting to P8,000. 4. One sack of rice (50 kg) each month. The rice is valued at P50.00 per kilo. 5. A one-time actual medical assistance amounting to P 25,000.00 was received during the year. IV. PROBLEM SOLVING Solve the following problems. Write your final answer on the space provided. Present your solution at the back page or attach a separat sheet if necessary. ANSWER QUESTION
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Page 3 of 4
I. TAXABLE OR NON-TAXABLE INCOME
Put a CHECK MARK on the appropriate column.
If the benefit is taxable or has a taxable portion, indicate the taxable amount on the column provided.
If TAXABLE, how much is
the taxable amount FOR
THE YEAR?
BENEFIT
PURELY NON-
TAXABLE
TAXABLE
1. Laundry allowance amounting to P 4,500 a year
2. Uniform allowance amounting to P6,500 a year
3. Gifts given during Christmas amounting to
P8,000.
4. One sack of rice (50 kg) each month. The rice is
valued at P50.00 per kilo.
5. A one-time actual medical assistance amounting
to P 25,000.00 was received during the year.
IV. PROBLEM SOLVING
Solve the following problems.
Write your final answer on the space provided. Present your solution at the back page or attach a separate
sheet if necessary.
ANSWER
QUESTION
Leah sells gadgets. She is given 13% 0omm
1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fccb88c40-5855-4f27-ad0f-c1d1a160ff28%2F8d02cb87-26a2-4751-87cf-4968ec4fbd20%2Fem9rn9b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Page 3 of 4
I. TAXABLE OR NON-TAXABLE INCOME
Put a CHECK MARK on the appropriate column.
If the benefit is taxable or has a taxable portion, indicate the taxable amount on the column provided.
If TAXABLE, how much is
the taxable amount FOR
THE YEAR?
BENEFIT
PURELY NON-
TAXABLE
TAXABLE
1. Laundry allowance amounting to P 4,500 a year
2. Uniform allowance amounting to P6,500 a year
3. Gifts given during Christmas amounting to
P8,000.
4. One sack of rice (50 kg) each month. The rice is
valued at P50.00 per kilo.
5. A one-time actual medical assistance amounting
to P 25,000.00 was received during the year.
IV. PROBLEM SOLVING
Solve the following problems.
Write your final answer on the space provided. Present your solution at the back page or attach a separate
sheet if necessary.
ANSWER
QUESTION
Leah sells gadgets. She is given 13% 0omm
1
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education