their utility bills as service charge. security, and maintenance. The association charges unit holders an additional 2% of During the year, the association processed utility bills for unit holders totaling A condominium home owner's association collects dues from unit holders and remits the same to service providers on their behalf. Such dues include electricity, water, Problem 3-17 PS,000,000. Har much taxable income is realized by the association? a P5,000,000 b P4,900,000 c. P100,000 d. PO

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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Please show the solution on how to get the answer.
Compute Jen's total income subject to income tax.
E
lul 11:41 O O
security, and maintenance. The association charges unit holders an additional 2% of
A condominium home owner's association collects dues from unit holders and remits
f 97.jpg
a. PL,800,000
P1550,000
c. P200.000
d. P250,000
Problem 3-17
A cond to service providers on their behalf. Such dues include electricity, water,
their utility bills as service charge.
Dring the year, the association processed utility bills for unit holders totaling
P5,000,000.
Haw much taxable income is realized by the association?
a. P5,000,000
b. P4,900,000
c. P100,000
d. PO
Problem 3-18
Kenjy used to bet in PCSO lotto. On June 3, 2014, he won the P20,000,000 jackpot prize
from the 6/45 lotto. One P20-ticket out of 10 bets took the prize. How much is Kenjy's
total income subject to tax?
a P20,000,000
b. P19,999,990
Tete c. P19,999,900
d. PO
Problem 3-19
An American citizen has been staying in the Philippines since August 15, 2021. What
would be his taxpayer classification for the year 2021 and 2022, respectively?
Non-resident alien engaged in trade or business; resident alien
b. Non-resident alien not engaged in trade or business; resident citizen
C. Non-resident alien engaged in trade or business; resident citizen
d. Non-resident alien not engaged in trade or business; resident alien
a.
Problem 3-20
A citizen who left the Philippines on March 1, 2021 would be classified as
a. Non-resident for the year 2021.
b. Resident citizen for the year 2021.
C. Non-resident for the year 2022.
d. Resident citizen for the year 2022.
Problem 3-21
amal income from abroad. How much will be subject to Philippine income tax?
c. P300,000
allen received P200,000 compensation income in the Philippines and P300,000
b. P200,000
d. P500,000
97
00000000000
()
II
Transcribed Image Text:Compute Jen's total income subject to income tax. E lul 11:41 O O security, and maintenance. The association charges unit holders an additional 2% of A condominium home owner's association collects dues from unit holders and remits f 97.jpg a. PL,800,000 P1550,000 c. P200.000 d. P250,000 Problem 3-17 A cond to service providers on their behalf. Such dues include electricity, water, their utility bills as service charge. Dring the year, the association processed utility bills for unit holders totaling P5,000,000. Haw much taxable income is realized by the association? a. P5,000,000 b. P4,900,000 c. P100,000 d. PO Problem 3-18 Kenjy used to bet in PCSO lotto. On June 3, 2014, he won the P20,000,000 jackpot prize from the 6/45 lotto. One P20-ticket out of 10 bets took the prize. How much is Kenjy's total income subject to tax? a P20,000,000 b. P19,999,990 Tete c. P19,999,900 d. PO Problem 3-19 An American citizen has been staying in the Philippines since August 15, 2021. What would be his taxpayer classification for the year 2021 and 2022, respectively? Non-resident alien engaged in trade or business; resident alien b. Non-resident alien not engaged in trade or business; resident citizen C. Non-resident alien engaged in trade or business; resident citizen d. Non-resident alien not engaged in trade or business; resident alien a. Problem 3-20 A citizen who left the Philippines on March 1, 2021 would be classified as a. Non-resident for the year 2021. b. Resident citizen for the year 2021. C. Non-resident for the year 2022. d. Resident citizen for the year 2022. Problem 3-21 amal income from abroad. How much will be subject to Philippine income tax? c. P300,000 allen received P200,000 compensation income in the Philippines and P300,000 b. P200,000 d. P500,000 97 00000000000 () II
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