Mr. A is in business, Mrs. A is the practice of profession, and Mr. and Mrs. A had gross rent income and expenses related to it. Below are the data: Gross Sales of Mr. A from businessP1,500,000Gross receipts of Mrs. A from practice of profession900,000Gross Rent Income (Gross Receipts)500,000Cost and Expenses, business of Mr. A700,000Cost and Expenses, profession of Mrs. A200,000Expenses on the rental property200,000REQUIRED: Compute for the income taxes of Mr. and Mrs. A. 2. Mr. C is a professional with gross receipts of P2,000,000 and deductible expenses of P1,100,000 or a net income of P900,000 in 2020. How much is Mr. C’s income tax for 2020.

Working of taxable income of Mr & Mrs A for 2020 Particulars Amount P Tax Amount P Gross…

Answered: Mr. A is in business, Mrs. A is the…

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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Mr. A is in business, Mrs. A is the practice of profession, and Mr. and Mrs. A had gross rent income and expenses related to it. Below are the data:

Gross Sales of Mr. A from business	P1,500,000
Gross receipts of Mrs. A from practice of profession	900,000
Gross Rent Income (Gross Receipts)	500,000
Cost and Expenses, business of Mr. A	700,000
Cost and Expenses, profession of Mrs. A	200,000
Expenses on the rental property	200,000

REQUIRED: Compute for the income taxes of Mr. and Mrs. A.

2. Mr. C is a professional with gross receipts of P2,000,000 and deductible expenses of P1,100,000 or a net income of P900,000 in 2020. How much is Mr. C’s income tax for 2020.

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