In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which costs P800,000 for P1,200,000, inclusive or under the following terms: July 1, 2020-as down payment P100,000 Monthly installment thereafter 50,000 Mr. Marangley will choose whichever favourable permissible income reporting method for him. How much gross income is to be reported in 2020? P400,000 P116,667 P250,000 P108,219
In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which costs P800,000 for P1,200,000, inclusive or under the following terms: July 1, 2020-as down payment P100,000 Monthly installment thereafter 50,000 Mr. Marangley will choose whichever favourable permissible income reporting method for him. How much gross income is to be reported in 2020? P400,000 P116,667 P250,000 P108,219
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which costs P800,000 for P1,200,000, inclusive or under the following terms:
July 1, 2020-as down payment | P100,000 |
Monthly installment thereafter | 50,000 |
Mr. Marangley will choose whichever favourable permissible income reporting method for him. How much gross income is to be reported in 2020?
P400,000
P116,667
P250,000
P108,219
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