Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
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
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS