Homework Help is Here – Start Your Trial Now!
Business
Accounting
4. Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxable compensation income, and gross business income of P500,000 before expenses of P200,000. He also earned book royalties of P10,000 and P8,000 interest income from clients" promissory notes. Mr. Monreal has personal expenses of P170,000 during the year. What is Mr. Monreal's taxable compensation income? а. Р30,000 b. P180,000 c. P200,000 d. P220,000 5. What is Mr. Monreal's net income from business? a. P300,000 b. Р308,000 c. P310,000 d. P518,000 6. What is Mr. Monreal's taxable income? а. Р508,000 b. P450,000 c. P558,000 d. P468,000 7. Mr. Bangul earned a compensation income of P120,000 and net income from business of P300,000. He also earned P8,000 prizes from a dancing competition and P45,000 royalties from his musical composition. Mr. Bangul has P150,000 personal expenses. Compute the taxable income. a. P473,000 b. P465,000 c. P428,000 d. P420,000 8. In 2015, Ms. Balayan earned P450,000 compensation income but incurred P120,000 net loss in her business. What is her taxable income assuming she incurred personal expenses of P100,000? a. P450,000 с. Р330,000 d PA50 00o P550.000

4. Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxable compensation income, and gross business income of P500,000 before expenses of P200,000. He also earned book royalties of P10,000 and P8,000 interest income from clients" promissory notes. Mr. Monreal has personal expenses of P170,000 during the year. What is Mr. Monreal's taxable compensation income? а. Р30,000 b. P180,000 c. P200,000 d. P220,000 5. What is Mr. Monreal's net income from business? a. P300,000 b. Р308,000 c. P310,000 d. P518,000 6. What is Mr. Monreal's taxable income? а. Р508,000 b. P450,000 c. P558,000 d. P468,000 7. Mr. Bangul earned a compensation income of P120,000 and net income from business of P300,000. He also earned P8,000 prizes from a dancing competition and P45,000 royalties from his musical composition. Mr. Bangul has P150,000 personal expenses. Compute the taxable income. a. P473,000 b. P465,000 c. P428,000 d. P420,000 8. In 2015, Ms. Balayan earned P450,000 compensation income but incurred P120,000 net loss in her business. What is her taxable income assuming she incurred personal expenses of P100,000? a. P450,000 с. Р330,000 d PA50 00o P550.000

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

Multiple choice

4. Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxable compensation income, and gross business income of P500,000 before expenses of P200,000. He also earned book royalties of P10,000 and P8,000 interest income from clients' promissory notes. Mr. Monreal has personal expenses of P170,000 during the year. What is Mr. Monreal's taxable compensation income? а. Р30,000 b. P180,000 c. P200,000 d. P220,000 5. What is Mr. Monreal's net income from business? c. P310,000 d. P518,000 a. P300,000 b. Р308,000 6. What is Mr. Monreal's taxable income? а. Р508,000 b. P450,000 c. P558,000 d. P468,000 7. Mr. Bangul earned a compensation income of P120,000 and net income from business of P300,000. He also earned P8,000 prizes from a dancing competition and P45,000 royalties from his musical composition. Mr. Bangul has P150,000 personal expenses. Compute the taxable income. a. P473,000 b. P465,000 c. P428,000 d. P420,000 8. In 2015, Ms. Balayan earned P450,000 compensation income but incurred P120,000 net loss in her business. What is her taxable income assuming she incurred personal expenses of P100,000? a. P450,000 b. P550,000 с. Р330,000 d. P450,000
Transcribed Image Text:4. Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxable compensation income, and gross business income of P500,000 before expenses of P200,000. He also earned book royalties of P10,000 and P8,000 interest income from clients' promissory notes. Mr. Monreal has personal expenses of P170,000 during the year. What is Mr. Monreal's taxable compensation income? а. Р30,000 b. P180,000 c. P200,000 d. P220,000 5. What is Mr. Monreal's net income from business? c. P310,000 d. P518,000 a. P300,000 b. Р308,000 6. What is Mr. Monreal's taxable income? а. Р508,000 b. P450,000 c. P558,000 d. P468,000 7. Mr. Bangul earned a compensation income of P120,000 and net income from business of P300,000. He also earned P8,000 prizes from a dancing competition and P45,000 royalties from his musical composition. Mr. Bangul has P150,000 personal expenses. Compute the taxable income. a. P473,000 b. P465,000 c. P428,000 d. P420,000 8. In 2015, Ms. Balayan earned P450,000 compensation income but incurred P120,000 net loss in her business. What is her taxable income assuming she incurred personal expenses of P100,000? a. P450,000 b. P550,000 с. Р330,000 d. P450,000
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
Accounting for Intangible assets
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