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J, a partner of a general professional partnership, showed the following income and losses: Net income from trading business - as sole proprietor. Share from the net loss of the partnership P500,000 200,000 How much is the net taxable income of J? a P720.000

J, a partner of a general professional partnership, showed the following income and losses: Net income from trading business - as sole proprietor. Share from the net loss of the partnership P500,000 200,000 How much is the net taxable income of J? a P720.000

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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Problem 13 - 5 GPP with Net Loss J, a partner of a general professional partnership, showed the following income and losses: Net income from trading business - as sole proprietor. Share from the net loss of the partnership P500,000 200,000 How much is the net taxable income of J? a P720,000 b P450,000 C P300,000 d P250,000 Problem 13 - 6 Co-partnership with Net Loss M, a partner of a commercial partnership, showed the following income and losses: Net income from trading business - as sole proprietor. Share from the net loss of the partnership P500,000 200,000 How much is the net taxable income of M? a P720,000 b P450,000 C P300,000 d P250,000 Problem 13 - 7 Co-partnership In 200x, Mitzi and Edgar reported a partnership net profit from trading amounting to P400,000. Other items of income not included in the net profit are interest income of P4,000, net final withholding tax, and dividend income from domestic corporation of P10,000. The income tax on the distributive share of Mitzi who share profit and loss equally with Edgar in the earnings of the partnership is a P14,700 b P14,300 C P14,076 d P13,600
Transcribed Image Text:Problem 13 - 5 GPP with Net Loss J, a partner of a general professional partnership, showed the following income and losses: Net income from trading business - as sole proprietor. Share from the net loss of the partnership P500,000 200,000 How much is the net taxable income of J? a P720,000 b P450,000 C P300,000 d P250,000 Problem 13 - 6 Co-partnership with Net Loss M, a partner of a commercial partnership, showed the following income and losses: Net income from trading business - as sole proprietor. Share from the net loss of the partnership P500,000 200,000 How much is the net taxable income of M? a P720,000 b P450,000 C P300,000 d P250,000 Problem 13 - 7 Co-partnership In 200x, Mitzi and Edgar reported a partnership net profit from trading amounting to P400,000. Other items of income not included in the net profit are interest income of P4,000, net final withholding tax, and dividend income from domestic corporation of P10,000. The income tax on the distributive share of Mitzi who share profit and loss equally with Edgar in the earnings of the partnership is a P14,700 b P14,300 C P14,076 d P13,600
Problem 13 - 8 Co-partnership A and B formed a trading partnership sharing profit and loss at 1:1. During the taxable year, the gross profit of the partnership amounted to P400,000 and business expenses incurred amounted to P160,000; cost sales of P200,000. 1 The income tax of the partnership is a P135,000 b P105,000 C P72,000 d P15,000 2 How much is the distributable share of partner A, net of final tax? a P183,000 b P102,000 C P87,750 d P75,600 Problem 13 - 9 General Professional Partnership J, married, with an unemployed wife and one qualified dependent child, and R, single, are partners in J, R, & Co., a general professional partnership. They are sharing profit and losses as follows: J - 70% and R - 30%. For the calendar year ended 200x, the income and expenses of the partnership and the income and expenses of the personal account of the partners are as follows: J. B. & Co. PersonalJ Personal R Gross income P325,000 P85,000 P65,000 Expenses: Allowable deductions 175,000 35,000 15,000 Charitable distribution 15,000 1,750 620 Drawings by J and R from the partnership during the year (39,000) 24,000 15,000 1 The taxable net income of J, if he opted for itemized deduction is a P67,750 b P71,250 C P96,750 d P146,250 2 The taxable net income of R, if he opted for optimal standard deduction is a P112,500 b P97,500 C P77,500 d P47,500
Transcribed Image Text:Problem 13 - 8 Co-partnership A and B formed a trading partnership sharing profit and loss at 1:1. During the taxable year, the gross profit of the partnership amounted to P400,000 and business expenses incurred amounted to P160,000; cost sales of P200,000. 1 The income tax of the partnership is a P135,000 b P105,000 C P72,000 d P15,000 2 How much is the distributable share of partner A, net of final tax? a P183,000 b P102,000 C P87,750 d P75,600 Problem 13 - 9 General Professional Partnership J, married, with an unemployed wife and one qualified dependent child, and R, single, are partners in J, R, & Co., a general professional partnership. They are sharing profit and losses as follows: J - 70% and R - 30%. For the calendar year ended 200x, the income and expenses of the partnership and the income and expenses of the personal account of the partners are as follows: J. B. & Co. PersonalJ Personal R Gross income P325,000 P85,000 P65,000 Expenses: Allowable deductions 175,000 35,000 15,000 Charitable distribution 15,000 1,750 620 Drawings by J and R from the partnership during the year (39,000) 24,000 15,000 1 The taxable net income of J, if he opted for itemized deduction is a P67,750 b P71,250 C P96,750 d P146,250 2 The taxable net income of R, if he opted for optimal standard deduction is a P112,500 b P97,500 C P77,500 d P47,500
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