Vicki Vale operates a convenience store while at the same time offers bookkeeping services to her clients. In the year 2020, her gross sales amounted to Php1,800,000, in addition to her gross receipts from bookkeeping services of Php400,000. During the same year, her cost of goods sold and operating expenses were Php1,325,000 and Php320,000, respectively. How much is her taxable income assuming she availed of the optional standard deduction: a. Php1,320,000 b. Php720,000 c. Php160,000 d. Php525,000

Vicki Vale operates a convenience store while at the same time offers bookkeeping services to her clients. In the year 2020, her gross sales amounted to Php1,800,000, in addition to her gross receipts from bookkeeping services of Php400,000. During the same year, her cost of goods sold and operating expenses were Php1,325,000 and Php320,000, respectively. How much is her taxable income assuming she availed of the optional standard deduction: a. Php1,320,000 b. Php720,000 c. Php160,000 d. Php525,000

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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