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An entity has P8,000,000 income before considering bonus and taxes. According to the terms of bonus arrangement, 12% of the income is to be
An entity has P8,000,000 income before considering bonus and taxes. According to the terms of bonus arrangement, 12% of the income is to be set aside for distribution among the employees. Assume a tax rate of 30%. Compute the bonus based on income after bonus and after tax. Round your final answer only to the nearest peso.
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Governmental and Nonprofit Accounting Theory and Practice
Authors: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
11th edition
133799565, 978-0133799569
