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41. Pepits, a real estate dealer sold a house and lot for P600,000 on November 20, 2019. The cost of property is P 375,000. Terms
41. Pepits, a real estate dealer sold a house and lot for P600,000 on November 20, 2019. The cost of property is P 375,000. Terms are: Down payment: P 100,000 Balance: Payable in monthly instalments of P25,000 beginning Dec. 20, 2019 How much is the income subject to income tax in 2019 points: 1 a) P 125,000 ) b) P 225,000 c) P 46,875 d) P 23,437.50 42. How much is the income subject to income tax in 2020 points: 1 a) P 112,500 b) P 300,000 c) P 56, 250 d) Nil 43. The following data pertain to installment sales of personal property made by Dina Bale, who regularly sells in installment, in his retail furniture store. Year of Sales Installment Sale Profit Equal Collection in 2020 2018 P 50,000 15,000 10,000 2019 P 100,000 40,000 20,000 2020 P 150,000 75,000 40,000 These sales were regularly mode in installment by Dino Bale to her customers. Under installment method, Dino should report gross profit for 2020 of. points: 1 a) P 31,000 b) P 75,000 c) P 86,000 d) P 130,000
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