slip. Activity #5: Problem Solving: Instructions: Solve the following problem and write you answer clearly in a sheet John and Erika, both Filipinos, got married four years ago. John has his own auto repair shop which generated revenues worth P720,000 and incurred expenses worth P246,000 this year. Ericka is an employee of leading call center and is earning 425,000 a year. They now have 3 minor children and legally adopted a fourth one who is also a minor. Show your solutions. How much is the basic personnel exemption of John? 38 | Page

slip. Activity #5: Problem Solving: Instructions: Solve the following problem and write you answer clearly in a sheet John and Erika, both Filipinos, got married four years ago. John has his own auto repair shop which generated revenues worth P720,000 and incurred expenses worth P246,000 this year. Ericka is an employee of leading call center and is earning 425,000 a year. They now have 3 minor children and legally adopted a fourth one who is also a minor. Show your solutions. How much is the basic personnel exemption of John? 38 | Page

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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