Yel Co. has a bonus agreement which provides that the general manger shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30%. The general manager received P 280,000 for the current year as bonus. What is the income before bonus and tax? * A.4,280,000 B.3,720,000 C.4,000,000 D.2,800,000

Yel Co. has a bonus agreement which provides that the general manger shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30%. The general manager received P 280,000 for the current year as bonus. What is the income before bonus and tax? * A.4,280,000 B.3,720,000 C.4,000,000 D.2,800,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 15E

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