Reference no: EM132932999
Question - The following are the transactions that happened for the year 2020 in the books of Bogummy Corp.
Salaries paid for the year is P3,000,000 out of the P3,200,000 expense for 2020 and unpaid salaries of P750,000 in 2019
Withholding tax related to December 2020 salaries is P52,800 while SSS, PHIC, HDMF is P80,000.
A bonus of 5% of the profit was granted to employees for hitting the targeted sales. To be paid next year.
An advance payment for the rental of a single space was made in December for P5,000
Bogummy incurred an interest expense of P12,000 which was paid on the 3rd month following the year 2020.
Output Vat for December amounted to P50,000.
A property dividend was declared to shareholders worth P150,000.
Other Information:
Net Income of = P5,000,000
Number of employees = 10
December 2020 Input Vat = P53,000
Required - How much is the current liability from given transactions?
a. 1,549,800
b. 1,494,800
c. 3,994,800
d. 1,544,800