Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. A. P34,000 B. 36,000 C. P32,000 D. P108,000
Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. A. P34,000 B. 36,000 C. P32,000 D. P108,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses.
Gross business income P 500,000
Business expenses 200,000
Interest from savings deposit, BPI-Makati, Philippines 50,000
Prize in a literary contest he joined 100,000
Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000
Cash he inherited from his uncle 300,000
Winnings from illegal gambling 20,000
Compute the total final tax from certain income.
A. P34,000
B. 36,000
C. P32,000
D. P108,000
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