Juan earned P200,000 in rendering services. His total expenses are 40%. His net income is: a. P120,000 b. P200,000 c. P80,000 d. P320,000
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- Last year Sherlock had an annual earned income of S58,475. He also had passive income of $1,255, and capital gains of $2,350. What was Sherlock's total gross income for the year? a. $58.475 b. 559.730 c. 560 985 d.562.080A Father leaves a logacy of K^(10),700. to his son. After death duties of 8% have been pard, the money is invested for 4.25 mers at 6% Compound inferest. How much in total with the son earn from this muestmentWhat is the monthly net take home pay? * A. P25,000 B. P24,486.67 C. P23,385 D. P22,871.67
- Takaful company has the following information: Earned contributions SR 500 Net claim incurred SR 100 Cash SR 50 Short-term investment SR 150 Average assets SR 1500 Total expenses SR 200 Net income SR 100 Gross contributions SR 600 Net contributions SR 550 What is expense ratio? а. 40% b. 30% С. 36.3% d. 50%18 In preparing the Annual Income Tax Return of Nicanor, the following information were culled from his accounting records: Gross sales – Php 1,500,000 Cost of sales – Php 500,000 Gross Profit – Php 1,000,000 Operating expenses: Depreciation – Php 100,000 Rent Expense – Php 100,000 Repairs and Maintenance – Php 100,000 Salaries and wages – Php 100,000 Utilities Expense – Php 100,000 Other income: Cash Prizes – Php 100,000 Dividends from ABC Corp. – Php 100,000 Interest income from bank deposits – Php 100,000 Rental income – Php 1,000,000 In addition, you learned that Nicanor intends to sell a residential house and lot which he inherited from his father and 1,000 shares of stocks in…Ron Landscaping's income statement reports net income of $76,200, which includes deductions for interest expense of $12,800 and income taxes of $36,500. Its times interest earned is: Multiple Choice 9.8 times 7.0 times 3.9 times
- Mr. Diretso is concurrently employed at Cumaliua Corporation and Cumanan Corporation. He received the following during the month:Compute for the VAT to be paid a. ₱0 b. ₱7,440 c. ₱9,643 d. ₱10,800X earned P4,000,000 taxable compensation income for the year. He spent 40% of his income on transportation to and from the office and his house in Laguna. How much is his income tax due?What is George’s gross income if he has the following: Salary = $78,000; Dividends = $4,000; interest on city of San Francisco bonds = $2,000; a gain of $14,000 on a stock sale and a $4,000 loss on a small sole proprietorship that he owns. a. $78,000 b. $84,000 c. $92,000 d. $96,000
- . A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:Cooper has the following income and expenses for the year: Income Salary $50,000 Interest income $ 350 Canadian Eligible Dividend income $ 500 Capital Gains $ 1,700 Expenses RRSP contribution $ 2,500 Childcare expenses $ 5,000 What is Cooper’s Total income for tax purposes? Use a dividend gross-up of 38% A. $50,050 B. $45,050 C. $44,875 D. $44,390Mr. Carlo had the following income during the year:Gross compensation income (including 13th month pay of P25,000), P325,0000;Less: Tardiness or absences, (P10,0000)Net compensation income, P315,000Deduction: SSS deductions, P12,000Philhealth deductions, P9,000Pag-ibig deductions, P10,000Union dues, P5,000Withholding tax, P40,000Net pay, P239,000Compute the total exclusion from gross income.