Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 19, 2024

Kendrick received the following items during the year: (1) P200,000-donation from girlfriend (2) P100,000 service fee from professional service (3) P300,000 inheritance from deceased father

Kendrick received the following items during the year:

(1) P200,000-donation from girlfriend

(2) P100,000 service fee from professional service

(3) P300,000 inheritance from deceased father

(4) P100,000 income from illegal gambling

(5) P50,000 gain on sales of his personal car

(6) P250,000 profits from his bar restaurant.

HOW MUCH TOTAL INCOME SUBJECT TO INCOME TAX?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Cost-Benefit Analysis Concepts and Practice

Authors: Anthony E. Boardman, David H. Greenberg, Aidan R. Vining, David L. Weimer

5th edition

1108401295, 9781108415996, 1108415997, 978-1108401296

More Books

Students also viewed these Accounting questions

Question

★★★★★

A 450-g tetherball A is moving along a horizontal circular path at a constant speed of 4 m/s. Determine (a) The angle ( that the cord forms with pole BC, (b) The tension in the cord? L8 m

Answered: 1 week ago

Question

★★★★★

club car is an american company that manufactures electric and gas powered golf cars and UTVs for personal and commercial use. on january 1, 2021, club car had retained earnings of 8,000,000. during...

Answered: 1 week ago

Question

★★★★★

50. There are three coins in a barrel. These coins, when flipped, will come up heads with respective probabilities 0.3, 0.5, 0.7. A coin is randomly selected from among these three and is then...

Answered: 1 week ago

Question

★★★★★

Morton Financial must decide on the percentage of available funds to commit to each of two investments, referred to as A and B, over the next four periods. The following table shows the amount of new...

Answered: 1 week ago

Question

★★★★★

Exercise 03-20 Weighted average: Process cost summary LO C3 Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for the...

Answered: 1 week ago

Question

★★★★★

Ignore the previous questions. One can exchange the currencies of Aldaria and Borduria at the rate 10 aldas/1 bordo. The price level in Aldaria is 50, while in Borduria the price level is 80. Suppose...

Answered: 1 week ago

Question

★★★★★

You are required to design a shell and tube heat exchanger having a rectangular cross section as shown in figure 1 below. The heat exchanger uses water as the cooling fluid to reduce the temperature...

Answered: 1 week ago

Question

★★★★★

The Bakeoff Case Read "The Bakeoff" case and post approximately 1 page of text (about 4 paragraphs) answering the following questions SOLELY based on the case. Do not use other references. What were...

Answered: 1 week ago

Question

★★★★★

1. Determine the magnitude and direction of the force that must be applied to the bottom of the gate shown below to keep the gate closed. 3.4 m Water 1.5 m wide gate Hinge T 0.75 m

Answered: 1 week ago

Question

★★★★★

Lynda is a manager of an investment center. Her division has been performing below expectations recently because one of its larger projects has not been as successful as anticipated. Given the poor...

Answered: 1 week ago

Question

★★★★★

Question 2 Determine the first two critical speeds for the shaft shown in figure 1 below. Young's modulus for steel should be taken as 200GN/m2. Show all the calculations and state all your...

Answered: 1 week ago

Question

★★★★★

Accounting 1. Smith Manufacturing is considering the following investment proposal: Proposal A Investment $700,000 Useful life 6 years Estimated annual net cash inflows received at the end of each...

Answered: 1 week ago

Question

★★★★★

3. Discuss the following statements: a) The way in which a problem is structured provides many of the premises for the actual solution. b) Our assumptions about the demarcation of a problem will...

Answered: 1 week ago

Question

★★★★★

1. Discuss the following statements: a) When the cause is identified, the effect has always occurred already. b) Predictions made with hindsight are almost always correct.

Answered: 1 week ago

Question

★★★★★

2. Take a familiar problem as your starting point. What are the main elements of the problem? Discuss whether you all agree on the choice of main elements.

Answered: 1 week ago

Previous Question Next Question