P30,000 70,000 40,000 10,000 Advances for future services to be rendered Collections for past services rendered Reimbursements for client expenses Reimbursement for out-of-pocket expenses How much will be included in Bong's gross income for regular income tax purposes?
P30,000 70,000 40,000 10,000 Advances for future services to be rendered Collections for past services rendered Reimbursements for client expenses Reimbursement for out-of-pocket expenses How much will be included in Bong's gross income for regular income tax purposes?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Bong, a professional practitioner, received the following from his clients:
Advances for future services to be rendered
Collections for past services rendered
Reimbursements for client expenses
Reimbursement for out-of-pocket expenses
P30,000
70,000
40,000
10,000
How much will be included in Bong's gross income for regular income tax
purposes?
P150,000
P140,000
P110,000
P100,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2c71f6e9-0537-4504-b3a8-306d979b2ee8%2F99859d30-4a82-41f6-a64e-e05d8aa27b26%2Fnwwovk9_processed.png&w=3840&q=75)
Transcribed Image Text:Bong, a professional practitioner, received the following from his clients:
Advances for future services to be rendered
Collections for past services rendered
Reimbursements for client expenses
Reimbursement for out-of-pocket expenses
P30,000
70,000
40,000
10,000
How much will be included in Bong's gross income for regular income tax
purposes?
P150,000
P140,000
P110,000
P100,000
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