Compensation income, Philippines,   P800,000 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 taxable income?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
  • Compensation income, Philippines,   P800,000
  • 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 taxable income?

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Foreign Earned Income
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education