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of P220,000 and expenses of P85,000 in 2018; Share in profit and loss ratio Income from other business Expenses Amount withdrawn from partnership Filing status Dependent children Nicole 75% P 125,000 80,000 30,000 Married None Nicolas 25% P 125,000 190,000 12,500 Unmarried 2

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
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.
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Amount withdrawn from partnership_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
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of P220,000 and expenses of P85,000 in 2018; Share in profit and loss ratio Income from other business Expenses Amount withdrawn from partnership_ Filing status Dependent children Nicole 75% P 125,000 80,000 30,000 Married None Nicolas 25% P 125,000 190,000 12,500 Unmarried 2
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education