A. 77,000 B. 127,000 C. 147,000 D. 153,000 Mayumi, a rank and file, reports the following for
Fantastic news! We've Found the answer you've been seeking!
Question:
A. 77,000
B. 127,000
C. 147,000
D. 153,000
Transcribed Image Text:
Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions Supplemental compensation 13th month pay and other benefits De minimis benefits within the ceiling amounts De minimis benefits in excess of the ceiling amounts Fixed transportation and communication allowance How much is the total exclusion from gross income? P300,000 35,000 50,000 20,000 6,000 45,000 Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 mandatory contributions Supplemental compensation 13th month pay and other benefits De minimis benefits within the ceiling amounts De minimis benefits in excess of the ceiling amounts Fixed transportation and communication allowance How much is the total exclusion from gross income? P300,000 35,000 50,000 20,000 6,000 45,000
Expert Answer:
Answer rating: 100% (QA)
Answer Step 1 Gross income is the income which has been earned by th... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Menlyn Rand, a resident of the Republic, aged 55 years, commenced plantation farming during the 2018 year of assessment. He and nine partners purchased a farm, they planted tree (established the...
-
C and D agree to form a partnership. C is to contribute $50,000 in assets and to devote one-half time to the partnership. D is to contribute $20,000 and to devote full time to the partnership. How...
-
C and D are equal partners in the CD partnership. C starts the year with an adjusted basis of $300 in his partnership interest while D starts the year with an adjusted basis of $600. The partnership...
-
Jackson Corporation has borrowed $2 million from a local bank under a long-term debt agreement whereby the loan has to be repaid in two years' time. The agreement was violated and the debt became...
-
KimoCo Country Club is an exclusive country club located in North Dakota that offers a maximum of 1,000 annual memberships that it sells for $16,000 per year. Payments must be made in full at the...
-
Clever, Inc., is a car manufacturer. Its 2015 income statement is as follows: Clever, Inc. Income Statement for the Year Ended December 31, 2015 Sales revenue ......................................
-
The corporate social responsibility highlighted in this chapter (see page 585) mentions that Home Depot believes in giving back. One of the ways the company has done this is through its Team Depot...
-
The AICPA Special Committee on Financial Reporting proposed the following constraints related to financial reporting. 1. Business reporting should exclude information outside of managements expertise...
-
Armor Investment Company is considering the acquisition of a heavily depreciated building on 1 0 acres of land. It expects to rent the building as a storage facility and expects to collect cash flows...
-
In preparing for the upcoming holiday season, Mandrell Toy Company designed a new doll called Freddy. The fixed cost to produce the doll is $100,000. The variable cost, which includes material,...
-
Mrs. Goodwin has recently begun to feel anger and resentment toward her therapist, who is consistently kind, considerate, and looking out for her best interests. A therapist using psychoanalysis...
-
On January 1, 2021, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on...
-
Suppose stock price of Janus company at the close of trading yesterday was $10.00 and the most recent estimate of the daily volatility is 1.5%. The parameter in the EWMA (exponentially weighted...
-
State the radius of the circle: (x-1)+(y+1)-16
-
Given the following matrix X; x = 2 2 3 4 5 6 4 6 8 10 12 a) Write a suitable MATLAB code to create a matrix Y only from the given matrix X above. Assume that X is already declared in the workspace....
-
What would be the equation of the cable curve (y(x)) in the equilibrium state of the cable shown in the figure, carrying a horizontally triangular load? (Note: The lowest point of the cable curve is...
-
This question: 10 point(s) possible Listed below are the ages of 11 players randomly selected from the roster of a championship sports team. Find the (a) mean, (b) median, (c) mode, and (d) midrange...
-
A routine activity such as pumping gasoline can be related to many of the concepts studied in this text. Suppose that premium unleaded costs $3.75 per gal. Work Exercises in order. Use the...
-
A horizontal analysis of a company's sales resulted in a $1.5 million increase, which equaled a percentage change of 22.8%. Required Interpret the dollar change and percentage change and identify...
-
On January 1, PGD Corporation bought equipment for 520,000 cash. For the year, PGD calculates a total of $1,250 of depreciation on the equipment. PGD records depreciation annually on December 31....
-
Development Industries purchased a depreciable asset for $50,000 on January 1, 2012. The asset has a five-year useful life and a $10,000 estimated salvage value. The company will use the...
-
A cost sheet and partial finished goods ledger card for Leather Originals, a manufacturer of leather furniture, are provided in the Working Papers. 1. Complete the cost sheet for Job No. 657 by...
-
Williams-Sonoma, Inc., is a specialty retailer of products for the home. The retail segment of the companys business sells products through its retail concepts: Williams-Sonoma, Pottery Barn, Pottery...
-
An analysis sheet for Gutmans Gutters, a firm that manufactures aluminum and steel gutters, is included in the Working Papers. Your instructor will guide you through the following examples. 1. For...
Study smarter with the SolutionInn App