PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting supervisor at a private bank where he earns an annual salary of P600,000, he is also the sole proprietor of HOPE Enterprises whose records during the taxable year show the following data: Gross sales, P4,000,000; cost of sales, P1,200,000; operating expenses consisting of salaries and wages, P240,000; utilities, P50,000; rent, P60,000; depreciation, P160,000; and miscellaneous, P40,000; and net capital gain of P10,000. How much is the taxable income of Mr. PPP during the taxable year assuming that he availed himself of the Optional Standard Deduction?
PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting supervisor at a private bank where he earns an annual salary of P600,000, he is also the sole proprietor of HOPE Enterprises whose records during the taxable year show the following data: Gross sales, P4,000,000; cost of sales, P1,200,000; operating expenses consisting of salaries and wages, P240,000; utilities, P50,000; rent, P60,000; depreciation, P160,000; and miscellaneous, P40,000; and net capital gain of P10,000. How much is the taxable income of Mr. PPP during the taxable year assuming that he availed himself of the Optional Standard Deduction?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting supervisor at a private bank where he earns an annual salary of P600,000, he is also the sole proprietor of HOPE Enterprises whose records during the taxable year show the following data: Gross sales, P4,000,000; cost of sales, P1,200,000; operating expenses consisting of salaries and wages, P240,000; utilities, P50,000; rent, P60,000;
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