Mr. Buaya, with 14 dependent children, had the following data for his income tax return in 2018: Sales P490,000 Gross compensation income 120,000 Cost of sales 200,000 Non-taxable compensation 30,000 Administrative and Selling expenses 120,000

Personal expenses 70,000 What is the net income? a.P 170,000 b.P 290,000 c. P100,000 d. P 20,000 3. Compute the taxable compensation income. a. (P 150,000) b. (P 30,000) c. P 90,000 d. P 120,000 4. Compute the taxable income. a. P 10,000 c. P 140,000 b. P100,000 d. P 260,000