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1.) fFACTS / DATA / GIVEN: Taxpayer: Resident citizen Taxable period: 2nd quarter Receipts/earnings/balances during the period: Description Amount Collections for services rendered in 2nd
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\fFACTS / DATA / GIVEN: Taxpayer: Resident citizen Taxable period: 2nd quarter Receipts/earnings/balances during the period: Description Amount Collections for services rendered in 2nd quarter P50.000 Collections for services rendered in 1st quarter 20.000 Collections for services to be rendered in the 3rd quarter 30,000 Uncollected billings-1st quarter 10,000 Uncollected billings-2nd quarter 15,000 COMPUTE: Taxable income in the 2"d quarter using CASH basisFACTS / DATA / GIVEN: Taxpayer: Resident citizen Taxable period: 2nd quarter Receipts/earnings during the period Description Amount Collections for services rendered in 2nd quarter P50,000 Collections for services rendered in 1st quarter 20.000 Collections for services to be rendered in the 3d quarter 30,000 Uncollected billings in 1et quarter 10.000 Uncollected billings in 2nd quarter 15.000 COMPUTE: Taxable income in the 2"d quarter using ACCRUAL basisFACTS / DATA / GIVEN: Taxpayer: Resident citizen Taxable period: and quarter Expenses/payments during the period: Description Amount 1= quarter expenses paid in 2nd quarter P15,000 2nd quarter expenses paid in 2nd quarter 20.000 3rd quarter expenses paid in 2"0 quarter 5,000 1at quarter expenses incurred but unpaid 8,000 2nd quarter expenses incurred but unpaid 11.000 COMPUTE: Expenses in the 2"4 quarter using CASH basisFACTS / DATA / GIVEN: Taxpayer: Resident citizen Taxable period: 2nd quarter Expenses/payments during the period: Description Amount 1= quarter expenses paid in 2nd quarter P15,000 2"d quarter expenses paid in 2" quarter 20.000 3rd quarter expenses paid in 2" quarter 5.000 1= quarter expenses incurred but unpaid 8.000 2nd quarter expenses incurred but unpaid 11,000 COMPUTE: Expenses in the 2nd quarter using ACCRUAL basisStep by Step Solution
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