4 Mr. Cabilao earned total gross receipts of P800,000 and paid P300 disposed a vacant lot at a net gain of P140,000. What is the taxable income l earned buyer. He expenses in his accounting practice. During the same year, he al of P60,000 net gain from the sale of domestic stocks directly t Cabilao? a. P400,000 b. P 460,000 c.P 500,000 d. P 600,000
4 Mr. Cabilao earned total gross receipts of P800,000 and paid P300 disposed a vacant lot at a net gain of P140,000. What is the taxable income l earned buyer. He expenses in his accounting practice. During the same year, he al of P60,000 net gain from the sale of domestic stocks directly t Cabilao? a. P400,000 b. P 460,000 c.P 500,000 d. P 600,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please show the solution.
![10. In the immediately preceding problem, compute the taxable income if Mr. Jord
non-taxable compensation income, and gross business income of P500,000 bel
of P170,000 during the year. What is Mr. Jagna's taxable compensation income
interest income from clients' promissory notes. Mr. Jagna has personal expe
expenses of P200,000. He also earned book royalties of P10,000 and P
disposed a vacant lot at a net gain of P140,000. What is the taxable income ol
expenses in his accounting practice. During the same year, he also earned a
of P60,000 net gain from the sale of domestic stocks directly to a buyet. He
4. Mr. Cabilao earned total gross receipts of P800,000 and paid P300 00
5. Mr. Jagna earned a gross compensation income of P200,000, exclusive of Po
Cabilao?
a. P400,000
b. P460,000
c. P 500,000
d. P 600,000
a. P 30,000
b. P180,000
c. P 200,000
d. P 220,000
6. What is Mr. Jagna's net income from business?
a. P300,000
b. P308,000
c. P 310,000
d. P 518,000
7. What is Mr. Jagna's the taxable income?
a. P508,000
b. P450,000
c. P558,000
d. P468,000
8. Mr. Bangal earned a compensation income of P120,000 and net income f
business of P300,000. He also earned P8,000 prizes from a dancing compet
and P45,000 royalties from his musical composition. Mr. Bangal has PISO
personal expenses. Compute the taxable income.
a. P473,000
b. P465,000
c.P 428,000
d. P 420,000
9. Mr. Jordan, with a P75,000 personal exemption, had the following data in 2021
Philippines
P 4,000,000 P 6,000,000
40,000
2,000,000
Compute the taxable income if Mr. Jordan is a resident citizen.
Abroad
Gross income from sales
Interest income on deposits
Less: Deductions
80,000
3,600,000
a. P4,480,000
b. P4,520,000
c.P 2,040,000
d. P 2,000,000
is a non-resident citizen.
a. P4,520,000
b. P4,480,000
c.P 2,040,000
d. P 2,000,000
256](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80515366-43a4-4187-880a-0ce763b34aee%2F6849815f-2e68-4bc6-9eb6-9ced8e855e09%2Fwas0fhr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:10. In the immediately preceding problem, compute the taxable income if Mr. Jord
non-taxable compensation income, and gross business income of P500,000 bel
of P170,000 during the year. What is Mr. Jagna's taxable compensation income
interest income from clients' promissory notes. Mr. Jagna has personal expe
expenses of P200,000. He also earned book royalties of P10,000 and P
disposed a vacant lot at a net gain of P140,000. What is the taxable income ol
expenses in his accounting practice. During the same year, he also earned a
of P60,000 net gain from the sale of domestic stocks directly to a buyet. He
4. Mr. Cabilao earned total gross receipts of P800,000 and paid P300 00
5. Mr. Jagna earned a gross compensation income of P200,000, exclusive of Po
Cabilao?
a. P400,000
b. P460,000
c. P 500,000
d. P 600,000
a. P 30,000
b. P180,000
c. P 200,000
d. P 220,000
6. What is Mr. Jagna's net income from business?
a. P300,000
b. P308,000
c. P 310,000
d. P 518,000
7. What is Mr. Jagna's the taxable income?
a. P508,000
b. P450,000
c. P558,000
d. P468,000
8. Mr. Bangal earned a compensation income of P120,000 and net income f
business of P300,000. He also earned P8,000 prizes from a dancing compet
and P45,000 royalties from his musical composition. Mr. Bangal has PISO
personal expenses. Compute the taxable income.
a. P473,000
b. P465,000
c.P 428,000
d. P 420,000
9. Mr. Jordan, with a P75,000 personal exemption, had the following data in 2021
Philippines
P 4,000,000 P 6,000,000
40,000
2,000,000
Compute the taxable income if Mr. Jordan is a resident citizen.
Abroad
Gross income from sales
Interest income on deposits
Less: Deductions
80,000
3,600,000
a. P4,480,000
b. P4,520,000
c.P 2,040,000
d. P 2,000,000
is a non-resident citizen.
a. P4,520,000
b. P4,480,000
c.P 2,040,000
d. P 2,000,000
256
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