Zhie reports the following business transactions: Gross sales P840,000 Sales discounts 25,000 Cost of sales 250,000 Operating expenses 190,000 Interest income on bank deposits- BPI 10,000 Zhie also earned a total compensation of P410.020, from a part-time employment of which, P105,000 is excluded from taxation. Compute the taxable income of zhie which is subject to regular income
Zhie reports the following business transactions: Gross sales P840,000 Sales discounts 25,000 Cost of sales 250,000 Operating expenses 190,000 Interest income on bank deposits- BPI 10,000 Zhie also earned a total compensation of P410.020, from a part-time employment of which, P105,000 is excluded from taxation. Compute the taxable income of zhie which is subject to regular income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Zhie reports the following business transactions:
Gross sales P840,000
Sales discounts 25,000
Cost of sales 250,000
Operating expenses 190,000
Interest income on bank deposits- BPI 10,000
Zhie also earned a total compensation of P410.020, from a part-time employment of which, P105,000 is excluded from taxation .
Compute the taxable income of zhie which is subject to regular income tax:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education