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What is the total allowed fringe benefit deduction

What is the total allowed fringe benefit deduction

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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O False In the taxable year 2020, the following data pertain to a corporate business organization: De minimis benefits to all employees 90,000 Local traveling expenses paid by company for the travel of his supervisory employees and the members of their families A Mitsubishi car benefit for the personal and company use of the company's sales manager. Said car was purchased under the following terms: cost price P500,000, 20 % down payment on installment basis payable for 43 months 180,000 100,000 with 12 % interest per annum based on the outstanding balance Membership fees and dues in social and athletic clubs paid by the company for the benefit of the managerial employees 70,000 What is the total allowed fringe benefit deduction O a. P447,615 O b. P628,461 O c. P538,462 O d. P628,641 Clear my choice
Transcribed Image Text:O False In the taxable year 2020, the following data pertain to a corporate business organization: De minimis benefits to all employees 90,000 Local traveling expenses paid by company for the travel of his supervisory employees and the members of their families A Mitsubishi car benefit for the personal and company use of the company's sales manager. Said car was purchased under the following terms: cost price P500,000, 20 % down payment on installment basis payable for 43 months 180,000 100,000 with 12 % interest per annum based on the outstanding balance Membership fees and dues in social and athletic clubs paid by the company for the benefit of the managerial employees 70,000 What is the total allowed fringe benefit deduction O a. P447,615 O b. P628,461 O c. P538,462 O d. P628,641 Clear my choice
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