Pong Pagong is the CEO of Sesame Zoo Corporation. In 2019, he received total compensation of P10,000,000 inclusive of 13th month pay and other benefits in the amount of P800,000. He also owns a poultry farm which supplies the wet market in his province. Its gross sales totalled P2,000,000. The farm's cost of sales and operating expenses amounted P300,000 and P180,000, respectively. Its non-operating income amounted to P230,000. Compute his income tax due in 2019. (a) P3,691,000 (b) P3,874,760 (c) P3,901,000 (d) None of the above.
Pong Pagong is the CEO of Sesame Zoo Corporation. In 2019, he received total compensation of P10,000,000 inclusive of 13th month pay and other benefits in the amount of P800,000. He also owns a poultry farm which supplies the wet market in his province. Its gross sales totalled P2,000,000. The farm's cost of sales and operating expenses amounted P300,000 and P180,000, respectively. Its non-operating income amounted to P230,000. Compute his income tax due in 2019. (a) P3,691,000 (b) P3,874,760 (c) P3,901,000 (d) None of the above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pong Pagong is the CEO of Sesame Zoo Corporation. In 2019, he received total compensation of P10,000,000 inclusive of 13th month pay and other benefits in the amount of P800,000.
He also owns a poultry farm which supplies the wet market in his province. Its gross sales totalled P2,000,000. The farm's cost of sales and operating expenses amounted P300,000 and P180,000, respectively. Its non-operating income amounted to P230,000.
Compute his income tax due in 2019.
(a) P3,691,000
(b) P3,874,760
(c) P3,901,000
(d) None of the above.
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