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Mr. Arturo is in a quandary and approached you to help him identify which of the following is considered as gross income for taxation purposes: Proceeds of loan from a bank @ 7% interest per annum Basic salary Employee allowances and honoraria Indebtedness to employer which was cancelled by the latter because of their budding friendship Selling price of crops harvested for sale Costs and expenses incurred in relation to the harvested P90,000 300,000 20,000 50,000 400,000 crops 150,000 a. P710,000 b. P660,000 c. P570,000 O d. P320,000

Mr. Arturo is in a quandary and approached you to help him identify which of the following is considered as gross income for taxation purposes: Proceeds of loan from a bank @ 7% interest per annum Basic salary Employee allowances and honoraria Indebtedness to employer which was cancelled by the latter because of their budding friendship Selling price of crops harvested for sale Costs and expenses incurred in relation to the harvested P90,000 300,000 20,000 50,000 400,000 crops 150,000 a. P710,000 b. P660,000 c. P570,000 O d. P320,000

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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Mr. Arturo is in a quandary and approached you to help him identify which of the following is considered as gross income for taxation purposes: Proceeds of loan from a bank @ 7% interest per annum Basic salary Employee allowances and honoraria Indebtedness to employer which was cancelled by the latter because of their budding friendship Selling price of crops harvested for sale Costs and expenses incurred in relation to the harvested P90,000 300,000 20,000 50,000 400,000 crops 150,000 a. P710,000 b. P660,000 с. Р570,000 d. P320,000
Transcribed Image Text:Mr. Arturo is in a quandary and approached you to help him identify which of the following is considered as gross income for taxation purposes: Proceeds of loan from a bank @ 7% interest per annum Basic salary Employee allowances and honoraria Indebtedness to employer which was cancelled by the latter because of their budding friendship Selling price of crops harvested for sale Costs and expenses incurred in relation to the harvested P90,000 300,000 20,000 50,000 400,000 crops 150,000 a. P710,000 b. P660,000 с. Р570,000 d. P320,000
From the data below, how much is the total passive income? * Description Interest income on savings deposits in local banks Income from sale of lot held for investment, located IN 2020 P3,000 320,000 Compensation income Income from legitimate business Income from illegal business Income from sale of machine not used in business 200,000 400,000 800,000 40,000 a. P323,000 b. P43,000 с. Р3,000 d. Answer not given O E
Transcribed Image Text:From the data below, how much is the total passive income? * Description Interest income on savings deposits in local banks Income from sale of lot held for investment, located IN 2020 P3,000 320,000 Compensation income Income from legitimate business Income from illegal business Income from sale of machine not used in business 200,000 400,000 800,000 40,000 a. P323,000 b. P43,000 с. Р3,000 d. Answer not given O E
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