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Which of the following is a correct statement?

Which of the following is a correct statement?

FINANCIAL ACCOUNTING
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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. Mang Juan, a sole proprietor, died on July 31, 2020. The following summarizes the taxable income of the business left by Mang Juan: Period Taxable Income P560,000 January 1 to July 31, 2020 August 1 to December 31, 2020 610,000 Total P1,170,000 Which of the following is a correct statement? a. The total taxable income of P1,170,000 shall be reported by the estate of Mang Juan. b. Mang Juan's 2020 income tax return shall report the total taxable income of P1,170,000. c. Mang Juan's 2020 income tax return shall report the taxable income of P560,000 while the estate of Mang Juan shall report a taxable income of P610,000 for the year 2020. d. Mang Juan's 2020 income tax return shall report the taxable income of P560,000 while the heirs of Mang Juan shall report a taxable income of P610,000 for the year 2020.
Transcribed Image Text:. Mang Juan, a sole proprietor, died on July 31, 2020. The following summarizes the taxable income of the business left by Mang Juan: Period Taxable Income P560,000 January 1 to July 31, 2020 August 1 to December 31, 2020 610,000 Total P1,170,000 Which of the following is a correct statement? a. The total taxable income of P1,170,000 shall be reported by the estate of Mang Juan. b. Mang Juan's 2020 income tax return shall report the total taxable income of P1,170,000. c. Mang Juan's 2020 income tax return shall report the taxable income of P560,000 while the estate of Mang Juan shall report a taxable income of P610,000 for the year 2020. d. Mang Juan's 2020 income tax return shall report the taxable income of P560,000 while the heirs of Mang Juan shall report a taxable income of P610,000 for the year 2020.
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