Reference no: EM132860879
Questions -
Q1. Georgy, Inc. has an incentive compensation plan under which the sales manager receives a bonus equal to 10 percent of the company's income before deductions for bonus but after deduction for income taxes. Income before bonus and income taxes is P400,000. The effective income tax rate is 30 percent. How much is the bonus (rounded to the nearest peso)?
a. 40,000
b. 30,108
c. 28,866
d. 26,168
Q2. Porgy Co.'s retirement plan requires a P250,000 annual contribution to a fund held by a third party trustee. The fund is legally separate from Porgy Co. and is available solely for the payment of the retirement benefits of Porgy's employees. At the beginning 20x1, the fund balance is P2.800,000. In its December 31, 200 and December 31, 20xd statements of financial position. Porgy reported accrued payable for retirement benefits of P30,000 and 180.000, respectively. Payments to retiring employees during 20x1 totaled P750,000. How much is the retirement benefits expense in 20x1?
a. 250,000
b. 700,000
c. 750,000
d. 800,000
Q3. The actuarial valuation report of an entity shows the following information:
Present value of defined benefit obligation, Jan, 1 340,000
Current service cost 30,000
Discount rate 10%
Benefits paid to retirees 100,000
Actuarial gain 60,000
How much is the year-end balance of the present value of defined benefit obligation?
a. 210,000
b. 244,000
c. 304,000
d. 364,000
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