3. Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income Business expenses Interest from savings deposit, BPI-Makati, Philippines Prize in a literary contest he joined Prize received for achievement in literature (did not join the contest) Gain from sale of bonds (maturity is 6 years) Cash he inherited from his uncle Winnings from illegal gambling Compute the total final tax from certain income. a.P34,000 b. P36,000 c. P32,000 P 500,000 200,000 50,000 100,000 10,000 5,000 300,000 20,000 d. P108,000

3. Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income Business expenses Interest from savings deposit, BPI-Makati, Philippines Prize in a literary contest he joined Prize received for achievement in literature (did not join the contest) Gain from sale of bonds (maturity is 6 years) Cash he inherited from his uncle Winnings from illegal gambling Compute the total final tax from certain income. a.P34,000 b. P36,000 c. P32,000 P 500,000 200,000 50,000 100,000 10,000 5,000 300,000 20,000 d. P108,000

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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Please provide details solution and do not give image format
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