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dvanced from partnership income P 40,000 profit and loss ratio 40% ome (other business) (other business) from domestic company n bank deposit of dependent children ne tax payable by the partnership is - ot 260,000 65,000 8,500 Married 2

dvanced from partnership income P 40,000 profit and loss ratio 40% ome (other business) (other business) from domestic company n bank deposit of dependent children ne tax payable by the partnership is - ot 260,000 65,000 8,500 Married 2

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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Desiree and Company, a general professional partnership had a gross income of P450,000 and expenses of P125,000 in 2018. The following data pertains to the two (2) individual partners: Amount advanced from partnership income Share in profit and loss ratio Gross income (other business) Expenses (other business) Dividend from domestic company Interest on bank deposit Status Number of dependent children The income tax payable by the partnership is - a. P 0 b. Exempt c. 104,000 d. 113,750 Desiree P 40,000 40% 260,000 65,000 8,500 Married 2 Desiderio P 60,000 60% 3,000 Single none
Transcribed Image Text:Desiree and Company, a general professional partnership had a gross income of P450,000 and expenses of P125,000 in 2018. The following data pertains to the two (2) individual partners: Amount advanced from partnership income Share in profit and loss ratio Gross income (other business) Expenses (other business) Dividend from domestic company Interest on bank deposit Status Number of dependent children The income tax payable by the partnership is - a. P 0 b. Exempt c. 104,000 d. 113,750 Desiree P 40,000 40% 260,000 65,000 8,500 Married 2 Desiderio P 60,000 60% 3,000 Single none
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