During the year, Mina earned the following. • Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong. • Business income of a service business in Ireland, P600,000. • Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000. • Compensation income from a domestic employer, P420,000. • Consultancy fees for professional services rendered to an Filipino company, P100,000. • Increase in the fair value of domestic stocks, P80,000. If Mina is a resident alien, how much is her total income liable to income tax? A. 720,000 B. 930,000 C. 1,010,000 D. 1,650,000
During the year, Mina earned the following. • Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong. • Business income of a service business in Ireland, P600,000. • Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000. • Compensation income from a domestic employer, P420,000. • Consultancy fees for professional services rendered to an Filipino company, P100,000. • Increase in the fair value of domestic stocks, P80,000. If Mina is a resident alien, how much is her total income liable to income tax? A. 720,000 B. 930,000 C. 1,010,000 D. 1,650,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During the year, Mina earned the following.
• Rent received during trip in Macau for properties in Bulacan, P370,000.
• Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong.
• Business income of a service business in Ireland, P600,000.
• Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000.
• Compensation income from a domestic employer, P420,000.
• Consultancy fees for professional services rendered to an Filipino company, P100,000.
• Increase in the fair value of domestic stocks, P80,000.
If Mina is a resident alien, how much is her total income liable to income tax?
A. 720,000
B. 930,000
C. 1,010,000
D. 1,650,000
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