Lorna is a mixed income earner. She is a self-employed resident citizen and currently the Finance Manager of Omega Corporation. The following data were provided for 2018 taxable year: Compensation income P1,800,000 Sales 2,800,000 Cost of sales 1,125,000 Business expenses Interest income from peso bank deposit Interest income from bank deposit under FCDS Gain on sale of land in the Philippines held as 650,000 80,000 120,000 Capital asset with cost P1.5M when zonal is P1.2M 500,000 How much is her total income tax expense assuming she opted to be taxed at 8% O P321,500 O P788,500 O P808,000 P652,000

Lorna is a mixed income earner. She is a self-employed resident citizen and currently the Finance Manager of Omega Corporation. The following data were provided for 2018 taxable year: Compensation income P1,800,000 Sales 2,800,000 Cost of sales 1,125,000 Business expenses Interest income from peso bank deposit Interest income from bank deposit under FCDS Gain on sale of land in the Philippines held as 650,000 80,000 120,000 Capital asset with cost P1.5M when zonal is P1.2M 500,000 How much is her total income tax expense assuming she opted to be taxed at 8% O P321,500 O P788,500 O P808,000 P652,000

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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