34. Sara has the following items of income Philippines 200,000 Abroad P 100,000 50,000 Business income P Professional fees 100,000 400,000 Compensation income Rent income 300,000 30,000 200,000 Interest income 40,000 a. Assuming Sara is a resident citizen, compute the total income subject to Philippine income tax. b. Assuming that Sara is a resident alien, compute the total income subject to Philippine income tax. c. Assuming that Sara is a resident foreign corporation, compute the total income subject to Philippine income tax. d. Assuming that Sara is a domestic corporation, compute the total income subject to Philippine income tax.

34. Sara has the following items of income Philippines 200,000 Abroad P 100,000 50,000 Business income P Professional fees 100,000 400,000 Compensation income Rent income 300,000 30,000 200,000 Interest income 40,000 a. Assuming Sara is a resident citizen, compute the total income subject to Philippine income tax. b. Assuming that Sara is a resident alien, compute the total income subject to Philippine income tax. c. Assuming that Sara is a resident foreign corporation, compute the total income subject to Philippine income tax. d. Assuming that Sara is a domestic corporation, compute the total income subject to Philippine income tax.

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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