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

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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

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