1. Assume the following: 2019 2020 Past Service Cost P 400,000 Current Service Cost 200,000...
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Accounting
1. Assume the following:
2019 2020
Past Service Cost P 400,000
Current Service Cost 200,000 300,000
Annual Contribution to pension fund 150,000 850,000
How much is the 2020 deductible pension expense?
a. 340,000 b. 390,000 c, 400,000
Question 14
A taxpayer paid the following:
Percentage Tax P 21,000
Transportation Expense 50,000
Entertainment, Amusement, and Recreation 20,000
Rental of Shop 100,000
Vet Fees on Pet Dog 25,000
Spa of Kasambahay 10,000
Salaries and wages of employee, net of P20,000 mandatory contribution 180,000
Donation to government school 20,000
2. Assume a gross sales of P700,000 for the year, how much is the allowable deductions from gross income?
a. 407,050 b. 394,500 c. 411,500
2020 Assume the following: Past service cost Current service cost Annual contribution to pension fund 2019 P 400,000 200,000 150,000 300,00 850,000 How much is the 2020 deductible pension expense? Select one: ++ a. P340,000 b. P390,000 c. P400,000 O d. None of these O e. P850,000
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