A. 350,000 B. 870,000 C. 1,270,000 D. 1,770,000 FACTS / DATA / GIVEN:Тахрауer:Receipts/Earnings/balances during the taxable period:Resident citizenDescriptionWinnings from gamblingInterest on bank depositsAmountP900,00020,000Increase in fair value of lands held forinvestment500,000Share in partnership income credited tocapital account in the partnershipGross income from profession150,000200,000COMPUTE: Taxable Income

Answer: Any income that is earned that are not specified as exempt income is covered as taxable…

Answered: Description Amount P900,000 20,000…

Description Amount P900,000 20,000 Winnings from gambling Interest on bank deposits Increase in fair value of lands held for investment Share in partnership income credited to 500,000

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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Question

A. 350,000

B. 870,000

C. 1,270,000

D. 1,770,000

FACTS / DATA / GIVEN:
Тахрауer:
Receipts/Earnings/balances during the taxable period:
Resident citizen
Description
Winnings from gambling
Interest on bank deposits
Amount
P900,000
20,000
Increase in fair value of lands held for
investment
500,000
Share in partnership income credited to
capital account in the partnership
Gross income from profession
150,000
200,000
COMPUTE: Taxable Income

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