Nicole and Nicolas, CPAS, a partnership of Certified Public Accountants, had gross receipts of P220,000 and expenses of P85,000 in 2018; Share in profit and loss ratio Income from other business Expenses Amount withdrawn from partnership Filing status Dependent children Nicole 75% P 125,000 80,000 30,000 Married None Nicolas 25% P 125,000 190,000 12,500 Unmarried 2
Nicole and Nicolas, CPAS, a partnership of Certified Public Accountants, had gross receipts of P220,000 and expenses of P85,000 in 2018; Share in profit and loss ratio Income from other business Expenses Amount withdrawn from partnership Filing status Dependent children Nicole 75% P 125,000 80,000 30,000 Married None Nicolas 25% P 125,000 190,000 12,500 Unmarried 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The taxable income of Nicole and Nicolas is;
a. P 96,250 and P 68,750, respectively
b. 146,250 and 168,750, respectively
c. 101,250 and 33,750, respectively
13,000 and 94,000, respectively
d.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa882e0cf-c451-44b6-8abd-6ee391c9dcc8%2F349c447a-5a2e-4704-94f5-022bb15fc93c%2Fhsmcgot_processed.png&w=3840&q=75)
Transcribed Image Text:The taxable income of Nicole and Nicolas is;
a. P 96,250 and P 68,750, respectively
b. 146,250 and 168,750, respectively
c. 101,250 and 33,750, respectively
13,000 and 94,000, respectively
d.
![Nicole and Nicolas, CPAS, a partnership of Certified Public Accountants, had gross receipts of
P220,000 and expenses of P85,000 in 2018;
Share in profit and loss ratio
Income from other business
Expenses
Amount withdrawn from partnership_
Filing status
Dependent children
Nicole
75%
P 125,000
80,000
30,000
Married
None
Nicolas
25%
P 125,000
190,000
12,500
Unmarried
2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa882e0cf-c451-44b6-8abd-6ee391c9dcc8%2F349c447a-5a2e-4704-94f5-022bb15fc93c%2Fcbnlqe_processed.png&w=3840&q=75)
Transcribed Image Text:Nicole and Nicolas, CPAS, a partnership of Certified Public Accountants, had gross receipts of
P220,000 and expenses of P85,000 in 2018;
Share in profit and loss ratio
Income from other business
Expenses
Amount withdrawn from partnership_
Filing status
Dependent children
Nicole
75%
P 125,000
80,000
30,000
Married
None
Nicolas
25%
P 125,000
190,000
12,500
Unmarried
2
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