Mitsu Busy is an independent traveling salesman, deriving his income solely from commissions and personally bearing all expenses without reimbursement or any kind. During the taxable year 2010, Mitsu Busy incurs the following expenses pertaining directly to his activities as an independent traveling salesman:
Travelling expenses - P650,000; Secretarial expenses - P250,000; Long-distance telephone bills - P150,000; Freight expenses for products sold - P300,000; Insurance from products transported P50,000; Life insurance premiums P25,000; Doctor's fees incurred while he was on one of his sales trips - P15,000.
Question: What amount can Mitsu Busy deduct from his gross income?
Answer: P1,400,000
Solution:
Travelling expenses P650,000
Secretarial expenses 250,000
Long-distance telephone bills 150,000
Freight expenses for products sold 300,000
Insurance from products transported 50,000
Total P1,400,000
Winner of P100 cash:
Quiz No. 1: Grace Claire L. Villamor
Lyceum of the Philippines University - Batangas (BSA III-A)
Congratulations!
General Rules - Accounting and Tax Quiz
Rule # 1
Send us your answers by email (accountingarchives@ymail.com). Include your complete name, school, year and course.
Rule # 2
Your answer must be spelled correctly. If it is an amount, drop the centavos. In case of multiple choice questions, your answers must be in capital letter and numbered (e.g. 1. A, 2. C)
Rule # 3
No changing of answers once sent. Only one email per person.
Rule # 4
First correct answer received is the winner.
Rule # 5
Contest winners will be notified by email. It will also be posted in the site. Prizes will be claimed at Lyceum of the Philippines University - Batangas / CBA department. Look for Mr. Elmer D. Dimayuga to claim your prize. In case you win, we will request that you send us your cellphone number. Indicate also whether you are SMART, Globe, Sun, etc.
Rule # 6
If no one answered the question correctly, the quiz will be ended (with no winner) and the next quiz will be posted.
Send us your answers by email (accountingarchives@ymail.com). Include your complete name, school, year and course.
Rule # 2
Your answer must be spelled correctly. If it is an amount, drop the centavos. In case of multiple choice questions, your answers must be in capital letter and numbered (e.g. 1. A, 2. C)
Rule # 3
No changing of answers once sent. Only one email per person.
Rule # 4
First correct answer received is the winner.
Rule # 5
Contest winners will be notified by email. It will also be posted in the site. Prizes will be claimed at Lyceum of the Philippines University - Batangas / CBA department. Look for Mr. Elmer D. Dimayuga to claim your prize. In case you win, we will request that you send us your cellphone number. Indicate also whether you are SMART, Globe, Sun, etc.
Rule # 6
If no one answered the question correctly, the quiz will be ended (with no winner) and the next quiz will be posted.
Compare Ventures - Philippines vs Hongkong, Philippines vs. Singapore, Philippines vs. Vietnam
Requirement #2: Compare two (2) countries: The Philippines and Hongkong, Philippines vs Singapore, Philippines vs Vietnam
1)Look for the websites of two (2) ventures both present in the two countries (e.g, manufacturing, e-business etc.
2) Compare and contrast.
3. In your opinion, what makes same venture perform better than Philippines?
4) Do you think Philippines is a better investment than the other countries?
5.) Mention Top Performing Businesses in the Country and their Success Factors
Note: Mention at least 3 Web-based sources to support your answers.
Global Entrepreneurial Status - Philippines
Requirement #1: Looking at the Global Entrepreneurial status, what does it say about the performance of venture in the Philippines in terms of:
1) Competitiveness
2) Market
3) Contribution in the world market
Subscribe to:
Posts (Atom)