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Business
Accounting
Compensation income, Philippines,   P     800,000 Gross business income, Philippines,   P1,200,000 Business expenses, Philippines, P 800,000 Gross business income, Canada, P600,000 Business expenses, Canada, P 500,000 Dividend income from a domestic corporation, P 60,000 Dividend income from foreign corporation, P 50,000 Interest income from peso bank deposit, Philippines , P 30,000 Interest income from bank deposits, Canada, P 40,000 Interest income from FCDS deposits, P 50,000    Royalty income from literary works, P 35,000 Raffle draw winnings, Philippines, P 10,000 PCSO Lotto winnings, P 200,000 Creditable withholding taxes on business income, P 125,000 Based on the following data above, what is the income tax payable?

Compensation income, Philippines,   P     800,000 Gross business income, Philippines,   P1,200,000 Business expenses, Philippines, P 800,000 Gross business income, Canada, P600,000 Business expenses, Canada, P 500,000 Dividend income from a domestic corporation, P 60,000 Dividend income from foreign corporation, P 50,000 Interest income from peso bank deposit, Philippines , P 30,000 Interest income from bank deposits, Canada, P 40,000 Interest income from FCDS deposits, P 50,000    Royalty income from literary works, P 35,000 Raffle draw winnings, Philippines, P 10,000 PCSO Lotto winnings, P 200,000 Creditable withholding taxes on business income, P 125,000 Based on the following data above, what is the income tax payable?

FINANCIAL ACCOUNTING
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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  • Compensation income, Philippines,   P     800,000
  • Gross business income, Philippines,   P1,200,000
  • Business expenses, Philippines, P 800,000
  • Gross business income, Canada, P600,000
  • Business expenses, Canada, P 500,000
  • Dividend income from a domestic corporation, P 60,000
  • Dividend income from foreign corporation, P 50,000
  • Interest income from peso bank deposit, Philippines , P 30,000
  • Interest income from bank deposits, Canada, P 40,000
  • Interest income from FCDS deposits, P 50,000   
  • Royalty income from literary works, P 35,000
  • Raffle draw winnings, Philippines, P 10,000
  • PCSO Lotto winnings, P 200,000
  • Creditable withholding taxes on business income, P 125,000

Based on the following data above, what is the income tax payable?

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