ANSWER NUMBER 5-8 4. Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxablecompensation income, and gross business income of P500,000 before expenses of P200,000. Healso earned book royalties of P10,000 and P8,000 interest income from clients' promissory notes.Mr. Monreal has personal expenses of P170,000 during the year. What is Mr. Monreal's taxablecompensation income?а. Р30,000b. P180,000c. P200,000d. P220,0005. What is Mr. Monreal's net income from business?c. P310,000d. P518,000a. P300,000b. Р308,0006. What is Mr. Monreal's taxable income?а. Р508,000b. P450,000c. P558,000d. P468,0007. Mr. Bangul earned a compensation income of P120,000 and net income from business ofP300,000. He also earned P8,000 prizes from a dancing competition and P45,000 royalties fromhis musical composition. Mr. Bangul has P150,000 personal expenses. Compute the taxableincome.a. P473,000b. P465,000c. P428,000d. P420,0008. In 2015, Ms. Balayan earned P450,000 compensation income but incurred P120,000 net loss inher business. What is her taxable income assuming she incurred personal expenses of P100,000?a. P450,000b. P550,000с. Р330,000d. P450,000

A tax deduction is declared by the taxable assessee for which the tax is being determined and he…

Answered: P180,000 d. P220,000 /hat is Mr.…

P180,000 d. P220,000 /hat is Mr. Monreal's net income from business? P300,000 P308,000 c. P310,000 d. P518,000 /hat is Mr. Monreal's taxable income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following 5 questions are based on this situation: Suppose you are considering the acquisition…

A: Taxable income refers to the amount of an individual's or a business's income that is subject to…

Q: Ms. Faiza has an invest portfolio of the following securities: 1. Debentures 2. Equity 3. Government…

A: Debenture is a debt instrument without any security mortgage or collateral security. Equity allows…

Q: Complete 4 through 11

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Unit 7-10

A: Detailed Explanation1. Mean and Median CalculationsCalculate the mean and median of the number of…

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company.…

A: T Accounts 1. Cash Account Particular Debit Particular Credit To capital A/c…

Q: Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…

A: Job cost is a method of ascertaining the total cost of specific job. It can be calculated on the…

Q: how did you get 9,288 for number 7

A: Lets understand the basics. Adjustment entry is required to make to record correct amount of revenue…

Q: 88 MULTIPLE CHOICE Question 7 Listen What is the inverse of the one-to-one function? A f¹(x) = x-5 3…

A: Step 1: SolutionGiven function: f(x)=3x+5We have to find what is the inverse of the one-to-one…

Q: y 2, 2021, Archer Company, a skateboard m The machine's useful life was estimated at f s year-end is…

A: Straight Line Depreciation Cost 1,68,000Salvage Value 35,000Depreciation Value…

Q: Required information [The following information applies to the questions displayed below.] Leach…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: MATCHING LIST Question 6 Listen Match each angle with its quadrant. 150° -150° 11π 6 a. Quadrant III…

A: 1) 150° = 90° + 60°So it lies in quadrant II 2)-150° = -90° - 60°Also -150° equivalent to 360° -…

Q: Questions 1-9

A: As posted multiple subparts questions we are answering only first three sub parts kindly repost the…

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: Please show me how to arrive at the answer of 11.607%

A: Hit and trial method is a way to calculate the value but that would take up a lot of time with no…

Q: Ajit and Preena are married. Ajit is 63 years old; Preena is 60 years old. Ajit retired earlier this…

A: Answer :- Ajit's RRIF withdrawals The pension income splitting provision is only applicable in the…

Q: Obj. 6 Specialty Auto Racing Inc. retails racing products for BMWS, Porsches, and Ferraris. The fol-…

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: Question 7 of 13 - Module One +…

A: Shedule of COGM & COGS1.Begining direct materials inventory $9200 2. Purchase of direct…

Q: 5 S4 Dashboard O Question 4 Graded Assignme x M Inbox (1,094) ep6778a@stude x M (no subject) -…

A: Solution 1: Mid-south Urologists Group Capital Lease Physicians' leasing Capital Lease…

Q: MULTIPLE CHOICE Question 3 Listen If P(x)=12x³-5x²+2 and Q(x)=8x³+2x²-3x-1, which of the following…

A: Step 1: Given : P(x) =12x3 -5x2 +2Q(x) =8x3 + 2x2 -3x -1 Step 2: Computation P(x)-Q(x)= 12x3 -5x2…

Q: ims Corporation uses the weighted-average method in its process costing system. The Assembly…

A: Equivalent units of production is the theoretical number of units of an item that an entity could…

Q: Assignmeht Using this information, answer the following questions 1. What is the monthly payment? 2.…

A: Note : Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

Q: In general, what oconditions would lead to greater differences in the amounts allocated to operating…

A: Service departments or cost centers are those departments which provide services to other…

Q: The following equation shows the transactions of Cotton Cleaning Service during May. The business is…

A: Income statement is one of the essential parts of the financial statement used for reporting the…

Q: 2 3

A: Form 1040: Form 1040 is an IRS tax form. Form 1040 is used for personal federal income tax…

Q: Based on the chart below which data points indicate a rule of seven?

A: In the question there has been given a chart in which either the sales or the costs or there can be…

Q: Use the following table to answer 2) and 3) State Probj R1 (%) R2 Boom 1/5…

A: Expected value = ∑probability*value E(R1) = ∑probj*R1 E(R2) = ∑probj*R2 E[(R1 – E(R1) )(R2 - 4)] =…

Q: Question 7 Listen 12 in Quadrant II? == Which of the following is/are true if tane = Select all that…

A: Pl. refer figure below.In second quadrant sine is positive & cosine is negative.So,Option A, B…

Q: Please answer practice question 9

A: NOI stands for Net Operating Income, it is calculated on basis of revenue minus all operating…

Q: Required information [The following information applies to the questions displayed below.] The fixed…

A: The variable cost per unit remains constant at every level or production. The total fixed costs…

Q: 3-53 4 3-64 P-F:3-35A. Journalizing and posting adjustments to the T-accounts and preparing an…

A: Statement which involves listing of all accounts with their respective balances in one statement…

Q: x M Question 2-QUIZ-CH 17-C X Chapter 5: Customers and Sal x +…

A: Step 1:

Q: Question 6 Listen 5 12 Using the Pythagorean identity, can you say the point 13' 13 is on the unit…

A: Refer to the attached image for the detailed solution:

Q: please help me to answer 8, 9, 10 and 11.

A: “Since you have posted multiple questions, we will provide the solution only to the first specified…

Q: Hi I need help wit

A: Success of any country generally depends on some factor based on employment, banking system,…

Q: ric Functions 88 MULTIPLE CHOICE Question 8 Listen What is the equation for the following graph? 4 2…

A: y = Asin(kx)A amplitudek = 2π/TWhere T is the periodFrom diagram,A = 5/2T = 3π=> k = 2π/3π =…

Q: Question 13: What displays when the range lookup in a lookup function is False and an exact match is…

A: Comment-We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Compute the arithmetic mean of the following numbers. (Round your answer to two decimal places.)…

A: Given: Numbers: 84, 44, 56, 73, 42, 16, 26, 51

Q: ties of Internal IT Developer of company is to write application programs and then perform required…

A: Segregation of duties refers to the internal control design made to disperse the duties in order to…

Q: two questions

A: Prepare an income statement.

Q: Required information [The following information applies to the questions displayed below.] Coy and…

A: Tax basis in the partnership is computed as an inside basis and outside basis. The inside basis is…

Q: 26-is an act of willfully making misrepresentation of financial information by one or more…

A: The question is multiple choice question. Required ..............Is an act of willfully making…

Q: Question 3 Listen Given 0 478°, which quadrant contains 8? A Quadrant I B Quadrant II C Quadrant III…

Q: 2R Code to answer the riddle. 3. 24 is what percent of 30 ?

A: A percentage is a fraction of an entire value represented as a value between zero and 100.…

Q: Step by step solution

Q: Which of the following situations violates the matching principle? Some of the amount that was paid…

A: A one year insurance policy is purchased partway through the year; Full payment is recorded as…

Q: Question 8 If Listen == 1 tane√3 and 0 is in Quadrant II, what are sine and cose? A sine= == 2 cose…

A: If you have any questions let me know in comment box thankyou for your question.

Q: Mocha Company manufactures a single product by a continuous process, involving three production…

A: Journal entries refers to the official book of a firm/company which is used to record the day to day…

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

ANSWER NUMBER 5-8

4. Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxable
compensation income, and gross business income of P500,000 before expenses of P200,000. He
also earned book royalties of P10,000 and P8,000 interest income from clients' promissory notes.
Mr. Monreal has personal expenses of P170,000 during the year. What is Mr. Monreal's taxable
compensation income?
а. Р30,000
b. P180,000
c. P200,000
d. P220,000
5. What is Mr. Monreal's net income from business?
c. P310,000
d. P518,000
a. P300,000
b. Р308,000
6. What is Mr. Monreal's taxable income?
а. Р508,000
b. P450,000
c. P558,000
d. P468,000
7. Mr. Bangul earned a compensation income of P120,000 and net income from business of
P300,000. He also earned P8,000 prizes from a dancing competition and P45,000 royalties from
his musical composition. Mr. Bangul has P150,000 personal expenses. Compute the taxable
income.
a. P473,000
b. P465,000
c. P428,000
d. P420,000
8. In 2015, Ms. Balayan earned P450,000 compensation income but incurred P120,000 net loss in
her business. What is her taxable income assuming she incurred personal expenses of P100,000?
a. P450,000
b. P550,000
с. Р330,000
d. P450,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Assignments: 202 × M Question 11 - Fina X b Success Confirma X MONK Art Beyond the CI... M Question Mode: M... Final: Part 2 (Problems) i 00:57:08 Mc Graw Hill ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmgh... Unit A QS 26-17 (Algo) X Unit B Totals Acct: chapter 4 (C... M Question Mode: Fi... Rental value 11 A company purchases a 6,552-square-foot building for $375,000. The building has two separate rental units. Unit A, which has the desirable location on the corner and contains 1,872 square feet, will be rented for $2.50 per square foot. Unit B contains 4,680 square feet and will be rented for $1.50 per square foot. How much of the joint cost should be allocated to Unit A and to Unit B using the value basis of allocation? Percent of rental value Numerator Denominator % of Mkt Value Answered: At the X 0.00% Prev Saved Joint Cost 洛杉矶华人资讯网× 11 of 13 Allocated cost 洛杉矶华人资讯网× Next > Help Financial literacy X…
please do 7.4 -7.5 thank you .
sm1
Question 7 Answer saved Points out of 1.0 P Flag question The MID function in Excel requires how many arguments? Select one: O a. 5 O b. 4 O c. 2 d. 3 Clear my choice
Question 3: When is an employer NOT required to file a quarterly Form 941? Answer: А. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,000 В. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,500 С. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $2,500 D. When annual tax liability for federal income, Social Security, and Medicare tax is less than $100,000
Accounting Question
Question list O Question 1 O Question 2 O Question 3 O Question 4 More Info N 1 2 3 4 5 6 7 8 9 10 To Find F Given P FIP 1.1200 1.2544 1.4049 1.5735 1.7623 1.9738 2.2107 2.4760 2.7731 3.1058 K 0.8929 0,7972 0.7118 0.6355 0.5674 0.5066 0.4523 0.4039 Most likely estimates for a project are as follows. 0.3606 0.3220 To Find P Given F PIF Choose the correct choice below. Determine whether the statement "This project (based upon the most likely estimates) is profitable." is true or false. ✔Click the icon to view the relationship between the PW and the percent change in parameter. Click the icon to view the interest and annuity table for discrete compounding when the MARR is 12% per year False O True To Find F Given A FIA 1.0000 2.1200 3.3744 4.7793 6.3528 8.1152 10.0890 12.2997 14.7757 17.5487 To Find P Given A PIA 0.8929 1.6901 2.4018 3.0373 3.6048 4.1114 4.5638 4.9676 5.3282 5.6502 To Find A Given F AIF 1.0000 04717 0.2963 0.2092 0.1574 0.1232 0.0991 0.0813 0.0877 0.0570 To Find A Given P…
red Question 11 4) Listen Use the graphs below to categorize the statements to describe either Graph A or Graph B. 3 Graph A Graph B 0 #12 " 3/2 2x 0 */2 3/2 2 -1 T graph a graph b Add an answer item! Add an answer item! Answer Bank amplitude = 1 midline is y=3 f(x)= cos(x)+3 amplitude =3 f(x)=3sin(x)+1 midline is y=1 All Change
Comment on the trends you see in attached numbers. 5 to 6 sentences Thanks
M Question 1-QUIZ- CH 17-C X Chapter 5: Customers and Sal x + o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.tulsacc.edu%2... H17 2 S Saved Exercise 17-42 (Algo) Taguchi Quality Loss Function (QLF) Analysis [LO 17-4] Flextronchip, an OEM manufacturer, has a fifth-generation chip for cell phones, with chip specification of 0.2 ± 0.0002 mm for the distance between two adjacent pins. The loss due to a defective chip has been estimated as $20. Required: 1. Compute the value of k, the cost coefficient in the Taguchi quality loss function (QLF), L(x) = (x-7)². 2. Assume that the quality control manager takes a sample of 100 chips from the production process. The results are as follows: Measurement Frequency 3 0.1996 0.1997 5 0.1998 15 0.1999 14 0.2000 35 0.2001 14 0.2002 6 0.2003 5 0.2004 3 a. & b. Use the appropriate Taguchi quality loss function, L(x), to calculate the estimated quality loss for each of the observed measurements.…
7. Find all four stated rate (APR)
V5. Explain 5 reasons that can help you with the theory of descriptive decision-making during your undergraduate studies