Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In addition to the compensation being received by Ms. Lynn R. as employee, she leases out her 3-door apartment for P10,000 a month each unit.

In addition to the compensation being received by Ms. Lynn R. as employee, she leases out her 3-door apartment for P10,000 a month each unit. Her compensation income for 2020 consists of P13,000 basic salary a month, 13th month pay based on basic salary plus P25,000 bonus. As royalties, she received P113,000 for the book she wrote; and P80,000 for her property that is planted with pineapples. What is the amount to be included as gross income in 2020?

Step by Step Solution

3.23 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

Gross income 10000per unit so 30000 13000per month 1560... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Transport Operations

Authors: Allen Stuart

2nd Edition

978-0470115398, 0470115394

More Books

Students also viewed these General Management questions

Question

What are two synonyms for a superclass?

Answered: 1 week ago