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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:GIVEN:
Тахрауer:
Resident citizen
IN (Phils)
P550,000
100,000
Description
OUT (Abroad)
Business gross income
Business expenses
Compensation income
Interest income from long term bank deposit
Interest income from short term bank deposit
Royalty income
Dividend income
P600,000
5,000
2,000
160,000
25,000
18.000
COMPUTE: Taxable income subject to REGULAR income tax.
A. 450,000
B. 1,050,000
C. 1,210,000
O D. 1,235,000
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