Question
A company provided the following benefits to one of its managers. Assume the exchange rate is $1=P50 and the foreign trip was for four days.
A company provided the following benefits to one of its managers. Assume the exchange rate is $1=P50 and the foreign trip was for four days.
How much is the fringe benefit tax for the quarter?
Compute the total deductible expense for the quarter.
Jul 30 Aug 1 Sep 1 Loan to a manager with simple interest of 5% Expenses for foreign travel of a manager: Business class plane ticket for outbound First class plane ticket for inbound Inland travel expenses Paid salary of manager's personal driver P200,000 P39,000 P52,000 $1,700 P10,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Loan to Manager Interest rate can be calculated as Principal Rate Interest rate will be P2000...
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Step: 2
Step: 3
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Auditing Cases An Interactive Learning Approach
Authors: Steven M Glover, Douglas F Prawitt
4th Edition
0132423502, 978-0132423502
