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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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10. In the immediately preceding problem, compute the taxable income if Mr. Jr 9. Mr. Jordan, with a P75,000 personal exemption, had the following data in 2021 Abroad P 4,000,000 P 6,000,000 80,000 3,600,000 Philippines Gross income from sales Interest income on deposits Less: Deductions 40,000 2,000,000 Compute the taxable income if Mr. Jordan is a resident citizen. a P4,480,000 b. P4,520,000 c.P 2,040,000 d. P 2,000,000 is a non-resident citizen. a. P4,520,000 b. P4,480,000 c.P 2,040,000 d. P 2,000,000 256
Transcribed Image Text:10. In the immediately preceding problem, compute the taxable income if Mr. Jr 9. Mr. Jordan, with a P75,000 personal exemption, had the following data in 2021 Abroad P 4,000,000 P 6,000,000 80,000 3,600,000 Philippines Gross income from sales Interest income on deposits Less: Deductions 40,000 2,000,000 Compute the taxable income if Mr. Jordan is a resident citizen. a P4,480,000 b. P4,520,000 c.P 2,040,000 d. P 2,000,000 is a non-resident citizen. a. P4,520,000 b. P4,480,000 c.P 2,040,000 d. P 2,000,000 256
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