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Tiong Sang Department Store conducted a sales promotion where customer purchases exceeding P1,000 in one transaction shall be entitled to a ticket for a chance to win P500, 000 raffle prize. Mr. Shing won the prize.
Problem 1: How much shall Tiong Sang withhold from the grand prize?
a. P 200, 000
b. P 100, 000
c. P 50, 000
d. P 0
Problem 2: Tacurong, a resident citizen, won $1,000,000 from the US lottery. The lottery winning is
a.exempts from tax
b.subject to 20% final tax
c.subject to 10% final tax
d.subject to regular tax
You are now ready to add administrative costs to your budget. Please discuss the types of administrative costs that will be required for your business.
On March 20, Garber's petty cash fund of $100 is replenished when the fund contains $47 in cash and receipts for postage $31, supplies $16, and travel expense $6. Prepare the journal entry to record the replenishment of the petty cash fund.
BAAC1102 Principles of Accounting Assignment Help and Solution, Shinas College of Technology - Assessment Writing Service
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