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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcba2ca60-2837-41ac-bc9e-4a434e248db8%2F87631753-6c49-41fa-a1e0-0dd09a32b91c%2Fzpe4uv_processed.png&w=3840&q=75)
Transcribed Image Text: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
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