Carding earns income from both employment and business. He earned P350,000 taxable compensation, excluding P90,000 exempt compensation, and a net loss in his business in the amount of P125,000. Compute the taxable income of Carding: a. P135,000 b. P225,000 c. P260,000 d. P350,000

Carding earns income from both employment and business. He earned P350,000 taxable compensation, excluding P90,000 exempt compensation, and a net loss in his business in the amount of P125,000. Compute the taxable income of Carding: a. P135,000 b. P225,000 c. P260,000 d. P350,000

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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