Lyka provided the following data on sale of his personal propertysold in 2018 held by him for 15 months:Jerry, married, with 2 minor choldren, had the following data:20192020Business incomeP 410.800P 306,700CostP 225,000Interest on time deposit3,0002,000Mortgage assumed by thebuyerwith BPI270,000Short-term capital gain290.50010,000Long-term capital gain20.600290,00080,200Installment CollectionSchedule:Short-term capital loss20,900Long-term capital loss80,400201867,500201967,500How much is the taxable income of Jerry for202045,000year 2019?How much is the taxable income of Jerry for theyear 2020?How much is the selling price?A resident corporation has the following data on income and expenses In 2020:Gross salesP 1,025.O00Sales returns and allowances10,000Sales discounts3,500Interest incone on t ade notes receivable15,000Capital gain on asset helld for 2 years50.000Cost of sales415.670Operating expenses with vouchers and receipts152,000Operating expenses without vouchers and receipts100,000Capital loss on asset held for six (6) months10,000How much is the taxable income using itemized deduction?

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lerry, married, with 2 minor choldren, had the following data: 2019 2020 Business income P 410.800 P 306,700 Interest on time deposit 3,000 2,000 with BPI Short-term capital gain 290,500 10,000 Long-term capital gain 80.200 20,600 Short-term capitat loss 20.900 290,000 Long-term capital loss 80,400 How much is the taxable income of Jerry for year 2019? How much is the taxable income of Jerry for the year 2020?

lerry, married, with 2 minor choldren, had the following data: 2019 2020 Business income P 410.800 P 306,700 Interest on time deposit 3,000 2,000 with BPI Short-term capital gain 290,500 10,000 Long-term capital gain 80.200 20,600 Short-term capitat loss 20.900 290,000 Long-term capital loss 80,400 How much is the taxable income of Jerry for year 2019? How much is the taxable income of Jerry for the year 2020?

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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