Mr. Lee Jong Suk was injured in a vehicu xpenses of P20,000 and legal fees of P1 ettlement from the insurance company n the accident. From the above paymen uk in 2024 was: * . O 70,000 D 40,000 O 50,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Mr. Lee Jong Suk was injured in a vehicular accident in 2021. He incurred and paid medical
expenses of P20,000 and legal fees of P10,000 during the year. In 2024, he received P70,000 as
settlement from the insurance company which insured the car owned by the other party involved
in the accident. From the above payments and transactions, the amount of taxable income to Mr.
Suk in 2024 was: * A
O 70,000
40,000
O 50,000
O Zero
Transcribed Image Text:Mr. Lee Jong Suk was injured in a vehicular accident in 2021. He incurred and paid medical expenses of P20,000 and legal fees of P10,000 during the year. In 2024, he received P70,000 as settlement from the insurance company which insured the car owned by the other party involved in the accident. From the above payments and transactions, the amount of taxable income to Mr. Suk in 2024 was: * A O 70,000 40,000 O 50,000 O Zero
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