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What amount should be reported as current liability

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1. Fender, Inc. distributes annual bonuses to its sales manager and two sales agents. The company reported P2,000,000 income for 2014 before bonuses and income taxes. Income tax of Fender, Inc. is at 35%. How much should the sales manager and each sales agent receive, respectively, if the sales manager gets 15% and each sales agent gets 10% of income after bonuses but before income taxes?

Q2. Felony Corporation operates a retail grocery store that is required by law to collect refundable deposit of PhP5 on soda cans. Information for the current year as follows: Liability for Refundable Deposit January 1 - PhP150,000; Cans of soda sold - 100,000 cans; Soda cans returned - 110,000 cans. On February 1, Felony subleased space and received a PhP25,000 deposit to be against rent at the expiration of the lease in five (5) years. In the December 31 Statement of Financial Position, what amount should be reported as Current Liability for Deposit?

Reference no: EM132804446

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