Bernabe reports the following business transactions: Gross sales Sales discounts Cost of sales Operating expenses Interest income on bank deposits- BPI P840,000 25,000 250,000 190,000 10,000 Bernabe also earned a total compensation of P410,000 from a part-time employment of which, P105,000 is excluded from taxation. Compute the taxable income of Bernabe which is subject to regular income tax:

Bernabe reports the following business transactions: Gross sales Sales discounts Cost of sales Operating expenses Interest income on bank deposits- BPI P840,000 25,000 250,000 190,000 10,000 Bernabe also earned a total compensation of P410,000 from a part-time employment of which, P105,000 is excluded from taxation. Compute the taxable income of Bernabe which is subject to regular 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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Question

Bernabe reports the following business transactions:
Gross sales
Sales discounts
Cost of sales
Operating expenses
Interest income on bank deposits- BPI
P840,000
25,000
250,000
190,000
10,000
Bernabe also earned a total compensation of P410,000 from a part-time
employment of which, P105,000 is excluded from taxation.
Compute the taxable income of Bernabe which is subject to regular income tax:

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