Mr. Darlow, a supervisory employee, received the following income in 2021:Gross compensation income, before contributionsto SSS, PhilHealth, and HDMF totaling P124,000Fringe benefitsGain from redemption of shares in a mutual fundCommission incomeGain on sale of stocks through the PSEP800,000200,000100,000150,000400,000Determine the total income to be reported by Mr. Darlow in gross income.

Gross income includes your salary, dividends, capital gains, business income, retirement budget, and…

Answered: Gain on sale of stocks through the PSE…

Business

Accounting

Gain on sale of stocks through the PSE 400,000 Determine the total income to be reported by Mr. Darlow in gross income.

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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Mr. Darlow, a supervisory employee, received the following income in 2021:
Gross compensation income, before contributions
to SSS, PhilHealth, and HDMF totaling P124,000
Fringe benefits
Gain from redemption of shares in a mutual fund
Commission income
Gain on sale of stocks through the PSE
P800,000
200,000
100,000
150,000
400,000
Determine the total income to be reported by Mr. Darlow in gross income.

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