Mr. Mark, Filipino resident and living with his adopted minor son, shows thefollowing financial data for taxable year 2018 Gross compensation income, net - P1,300,000Capital gain from the sale of a piece of land, (Selling price P5 million) - P1,000,000Dividend from domestic corporation - P150,000Gross revenue from services -P 400,000Direct costs of services - P100,000Operating expenses - P40,000Interest income from bank deposits - P70,000Interest expense - P30,000Worthless accounts of clients - P8,000Donation to Saint Louis University - P50,000How much is his total final taxes?

Mr. Mark, Filipino resident income are : Gross compensation income = P1300000 Capital gain =…

Answered: Mr. Mark, Filipino resident and living…

Mr. Mark, Filipino resident and living with his adopted minor son, shows the following financial data for taxable year 2018

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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Question

Mr. Mark, Filipino resident and living with his adopted minor son, shows the
following financial data for taxable year 2018

Gross compensation income, net - P1,300,000
Capital gain from the sale of a piece of land, (Selling price P5 million) - P1,000,000
Dividend from domestic corporation - P150,000
Gross revenue from services -P 400,000
Direct costs of services - P100,000
Operating expenses - P40,000
Interest income from bank deposits - P70,000
Interest expense - P30,000
Worthless accounts of clients - P8,000
Donation to Saint Louis University - P50,000
How much is his total final taxes?

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