1. Miguel provided the following data on the sale of her personal property sold in 2019 | held by her for 15 months. COST P225,000 Mortgage assumed by buyer 270,000 Installment Collection: 2019 67,500 2020 67,500 2021 45,000 REQUIREMENT: Compute for the below: a. Selling Price b. Contract Price c. Initial Payments d. Income subject to income tax in 2019, 2020, 2021

1. Miguel provided the following data on the sale of her personal property sold in 2019 | held by her for 15 months. COST P225,000 Mortgage assumed by buyer 270,000 Installment Collection: 2019 67,500 2020 67,500 2021 45,000 REQUIREMENT: Compute for the below: a. Selling Price b. Contract Price c. Initial Payments d. Income subject to income tax in 2019, 2020, 2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Aa.51.