FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2019, ABC Corporation gave the following fringe benefits to its employees Managerial employees P 1,300,000 Rank and file employees 5,000,000 8. The allowable deduction

In 2019, ABC Corporation gave the following fringe benefits to its employees

Managerial employees P 1,300,000

Rank and file employees 5,000,000

8. The allowable deduction from gross income of XYZ Corporation for the fringe benefits given to employees is?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

106. Automobiles arrive at a vehicle equipment inspection station according to a Poisson process with rate a 10 per hour. Suppose that with probability .5 an arriving vehicle will have no equipment...

Answered: 1 week ago

Question

★★★★★
Under what classification would you report each of the following items on the financial statements? (a) Revenue from sale of obsolete inventory. (b) Loss on sale of the fertilizer production division...

Answered: 1 week ago

Question

★★★★★
Check My Work (10 remaining) A machine that costs $5,600 is expected to operate for 7 years. The estimated salvage value at the end of 7 years is $0, The machine is expected to save the company...

Answered: 1 week ago

Question

★★★★★
Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Shaler Corporation. Beginning of End of Shaler Corporation 2014...

Answered: 1 week ago

Question

★★★★★
As an analyst for FinCorp Inc., you are responsible for many firms, including ADFC. Currently you have a "hold" recommendation on ADFC.20 The current price of ADFC is $140. You have conducted an...

Answered: 1 week ago

Question

★★★★★
Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An...

Answered: 1 week ago

Question

★★★★★
Vignette AssumptionStory:Tatiana Tatiana is five years old and was adopted at age three. Tatiana's adoptive parents have three biological sons, aged eight, ten, and seventeen, who the parents say...

Answered: 1 week ago

Question

★★★★★
10. The Head of RAHA Institute has assured its staff of supply of laptop computer for all lecturers. He has discussed with Computa Ghana for the supply of the Laptops. He has been stopped by your...

Answered: 1 week ago

Question

★★★★★
Determine the price of 2 year bond with 6 monthly coupons of 10% per annum, a yield of 6.4% per annum and face value of 100$ where the bond is purchased with 40 days to the first coupon payment and...

Answered: 1 week ago

Previous Question Next Question