Activity: MNO is a sole proprietorship owned and managed by Mario N. Ortiz. amounted to P690,000.00 and corresponding cost of sales is P310,500. Aside from sales, there are no other revenues for MNO. Mario opted to used the standard deduction scheme. Based on his accounting books, sales Mario is also fully employed at San Miguel Corp. As an employee, he receives a gross monthly salary of P45,000, net of mandatory contributions, of P120,000. Mario is married with four qualified dependents. Compute for Mario's income tax due and income tax payable.

Activity: MNO is a sole proprietorship owned and managed by Mario N. Ortiz. amounted to P690,000.00 and corresponding cost of sales is P310,500. Aside from sales, there are no other revenues for MNO. Mario opted to used the standard deduction scheme. Based on his accounting books, sales Mario is also fully employed at San Miguel Corp. As an employee, he receives a gross monthly salary of P45,000, net of mandatory contributions, of P120,000. Mario is married with four qualified dependents. Compute for Mario's income tax due and income tax payable.

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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