Reference no: EM133184757
Question 1 - After 3 years, Ka Leony sold a painting (capital asset) which he purchased in 2018 at a cost of P3,000, on the following terms:
June 1, 2021 downpayment 1,000
August 1, 2021 installment due 1,000
October 1, 2021 installment due 2,000
October 1, 2022 installment due 4,000
October 1, 2023 installment due 4,000
How much gain should he report as part of gross income?
Question 2 - X, a resident citizen, is engaged in business. In Taxable Year 2023, X declared the following:
Sales, P1,000,000;
Cost of sales and expenses, P600,000
Lotto winnings, USA, P20,000.
Also, X claimed in his income tax return a personal exemption of 50,000, as head of the family.
How much is the basic income tax due of X for the Taxable Year 2023?
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What is amount of retained earnings available for dividends
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How much should x report as his gross income
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How much amount is to be included as part of gross income
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What amount of retained earnings should be capitalized
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How much is the basic income tax due of x for taxable year
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What is the book value per preference share
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Determine the opportunity cost if he chooses to do lawnwork
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What amount should be reported as dividend payable
: Cash dividends declared in 2021 totaled P440,000. What amount should be reported as dividend payable to preference and ordinary shares
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