V Co. has an agreement to pay its sales manager a bonus of 7.5% of the company's earnings due to an exemplary performance. The income for the year before bonus and tax is ₱6,890,500. The income tax rate is 32% of income after bonus. The bonus is computed after deduction for both bonus and tax. Compute for the amount of bonus for the year.

V Co. has an agreement to pay its sales manager a bonus of 7.5% of the company's earnings due to an exemplary performance. The income for the year before bonus and tax is ₱6,890,500. The income tax rate is 32% of income after bonus. The bonus is computed after deduction for both bonus and tax. Compute for the income after tax for the year.

In 2021, SUGA Company sold 485,000 boxes of cereals under a new sales promotional program. Each box contains one coupon, which entitles the customer to a premium that costs the company ₱75. Five coupons plus a remittance of ₱20 must be presented by the customer to receive a premium. SUGA estimated that 85% of the coupons will be redeemed. Actual premiums redeemed were 5,000 units. Additional information disclosed that ₱10 per premium is incurred for storage and distribution. Compute for the liability for the unredeemed coupons.

In 2021, SUGA Company sold 485,000 boxes of cereals under a new sales promotional program. Each box contains one coupon, which entitles the customer to a premium that costs the company ₱75. Five coupons plus a remittance of ₱20 must be presented by the customer to receive a premium. SUGA estimated that 85% of the coupons will be redeemed. Actual premiums redeemed were 5,000 units. Additional information disclosed that ₱10 per premium is incurred for storage and distribution. Compute for the premium expense for the year.

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To compute the amount of bonus for the year for V Co well follow these steps Step 1 Calculate the bo... View the full answer