User Account

All Pages

Compute jen total income subject to income tax

Assignment Help Financial Accounting
Reference no: EM133003456

Jen is engaged in business. The following pertains to her transactions during 2014:

Sold his personal car which was purchased at P200, 000 to a friend who paid only half of the car's P500,000 current fair value.

Sales of merchandise was P800, 000 and the cost of goods sold was P600, 000.

Jen acquired several stocks from the Philippine Stock Exchange for speculation. These stocks have an aggregate purchase price of P400, 000 but with P700, 000 fair value by December 31, 2014.

Jen's house and lot which he acquired for P1, 500,000 in 2010 now have a current fair value of P2, 500,000.

Problem 1: Compute Jen's total income subject to income tax.

Reference no: EM133003456

Questions Cloud

How much will be subject to philippine income tax : An alien received P200, 000 compensation income in the Philippines and P300, 000 rental income from abroad. How much will be subject to Philippine income tax?
How much is kenjy total income subject to tax : How much is Kenjy's total income subject to tax? Kenjy used to bet in PCS0 lotto. On June 3, 2014, he won the P20, 000,000 jackpot prize from the 6/45 lotto.
Calculate the tax payable : Question - Calculate the tax payable if an individual taxpayer has the following amounts of taxable income (and other assumptions)
How much taxable income is realized by the association : How much taxable income is realized by the association? A condominium homeowner's association collects dues from unit holders and remits the same.
Compute jen total income subject to income tax : Compute Jen's total income subject to income tax. Sales of merchandise was P800, 000 and the cost of goods sold was P600, 000.
Explain whether the issues arising from your audit work : Explain whether the issues arising from your audit work (matters 1 to 3 above) will individually have any effect on your audit opinion
Compute jonathan total income subject to income tax : Compute Jonathan's total income subject to income tax. Jonathan's P50, 000 advances to the company was paid by Atlantis' chief executive officer as a gift.
Record the closing entries in general journal format : Joe Surfer started Joe's Surfing Supplies on 1 July 2020. Record the closing entries in general journal format for Joe's Surfing Supplies
Compute the total income of pines corporation subject : Pines Corporation has a branch in Manila and a 70%-owned subsidiary. Compute the total income of Pines Corporation subject to income tax.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Illustrate what is the cost of the equipment

equipment for $15,000. Sales tax on the purchase was $900. Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installation costs of $270. Illustrate what is the cost of the equipment?

  Calculate the npv of the investment for hospital system

The device is expected to be worthless at the end of two years. The appropriate discount rate is 10% per year. Calculate the NPV of the investment.

  What is the total amount to be budgeted in pounds

Crane Company is planning to sell 900 boxes. What is the total amount to be budgeted in pounds for direct materials to be purchased for the month?

  What will your futures contract gain or loss be

What will your futures contract gain or loss be if you transacted the future contracts at the futures rate of $0.63, while the futures rate decreases to $0.61

  Determine interest expense for the year ended december

Determine Interest expense for the year ended December 31, 2019 and Amortization of the premium for the year ended December 31, 2015.

  How much will have in a roth ira

How much will you have in a Roth IRA if you invest $5,000 a year for 35 years, if money earns 6 percent, and you make the investment

  What should be the price of option

An option on the stock has a strike price of $630 and expires in 0.4 years. What should be the price (premium) of option if it is a European call option

  Calculate watervans economic value added

Calculate Watervan's economic value added (EVA). (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

  Determine about the impact of issuing stock to the public

Provide a narrative about the impact of issuing stock to the public. The narrative will include the topics of loss of control of the company and the requirement

  Question robby owns a small condo near the beach during the

question robby owns a small condo near the beach. during the year the home was used as follows- rented out for fair

  What is the npv of project and should the company accept

An investment of $60,000 right now and $5000, 3 years from now. What is the NPV of this project and should the company accept it if the interest rate is 10%?

  Analyze a company that had publicly known ethical issues

Research and analyze a company that has had publicly known ethical issues either with internal controls, fraudulent activity, or theft.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd