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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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Capital gain on sale of personal car Compute the taxable income assuming Panay Corporation was a resident 5. Compute the income tax due in the immediately preceding problem. Interest income from 5/6 lending to clients Ordinary gain on sale of old office furniture 2 Compute the total income subject to regular tax. Capital gain on the sale of stocks directly to a buyer Compute the total passive income subject to final tax. Interest income from bank deposits 1 Mr. Santos derived the following income in 2021: Business income Compensation income P 200,000 300,000 100,000 20,000 100,000 20,000 40,000 10,000 50,000 Royalty income Dividend income a P170,000 b. P1,370,000 c. P270,000 d. P1,470,000 a P1,730,000 b. P630,000 c. P1,470,000 d. P530,000 1. Compute the capital gain subject to capital gains tax. a P70,000 b. P40,000 c. P60,000 d. P0 4. Panay, Inc., a large corporation, had the following income in 2021: Philippines P10,000,000 P12,000,000 50,000 80,000 8,700,000 Abroad Rent income Dividend - domestic Royalties Business expenses 200,000 9,800,000 Compute the taxable income if Panay, Inc. was a domestic corporation. a. P3,500,000 c. P1,380,000 d. P1,300,000 b. P3,700,000 a. P1,149,000 b. P925,000 c. P1,110,000 d. P381,000 corporation. a P3,700,000 b. P3,500,000 c. P1,380,000 d. P1,300,000 257
Transcribed Image Text:Capital gain on sale of personal car Compute the taxable income assuming Panay Corporation was a resident 5. Compute the income tax due in the immediately preceding problem. Interest income from 5/6 lending to clients Ordinary gain on sale of old office furniture 2 Compute the total income subject to regular tax. Capital gain on the sale of stocks directly to a buyer Compute the total passive income subject to final tax. Interest income from bank deposits 1 Mr. Santos derived the following income in 2021: Business income Compensation income P 200,000 300,000 100,000 20,000 100,000 20,000 40,000 10,000 50,000 Royalty income Dividend income a P170,000 b. P1,370,000 c. P270,000 d. P1,470,000 a P1,730,000 b. P630,000 c. P1,470,000 d. P530,000 1. Compute the capital gain subject to capital gains tax. a P70,000 b. P40,000 c. P60,000 d. P0 4. Panay, Inc., a large corporation, had the following income in 2021: Philippines P10,000,000 P12,000,000 50,000 80,000 8,700,000 Abroad Rent income Dividend - domestic Royalties Business expenses 200,000 9,800,000 Compute the taxable income if Panay, Inc. was a domestic corporation. a. P3,500,000 c. P1,380,000 d. P1,300,000 b. P3,700,000 a. P1,149,000 b. P925,000 c. P1,110,000 d. P381,000 corporation. a P3,700,000 b. P3,500,000 c. P1,380,000 d. P1,300,000 257
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