Cardo received the following items during the year: P200,000 donation from a girlfriend; P100,000 service fee from professional services; P300,000 inheritance from his deceased father;P100,000 income from illegal gambling; P50,000 gain on sale of his personal car; and P250,000 profits from his bar restaurant. Compute the total income subject to income tax. P1,050,000 P750,000 P550,000 P500,000
Cardo received the following items during the year: P200,000 donation from a girlfriend; P100,000 service fee from professional services; P300,000 inheritance from his deceased father;P100,000 income from illegal gambling; P50,000 gain on sale of his personal car; and P250,000 profits from his bar restaurant. Compute the total income subject to income tax. P1,050,000 P750,000 P550,000 P500,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cardo received the following items during the year: P200,000 donation from a girlfriend; P100,000 service fee from professional services; P300,000 inheritance from his deceased father;P100,000 income from illegal gambling; P50,000 gain on sale of his personal car; and P250,000 profits from his bar restaurant. Compute the total income subject to income tax.
P1,050,000
P750,000
P550,000
P500,000
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