Cynthia found various ways to make use of her money to generate income. The following summarizes all the income she was able to derive from her use of money: • Interest income from loans granted to online sellers who did not have enough capital on their own - P25,000 • Interest income on a 90-day time deposit with BPI. The amount of deposit is P500,000 which pays 7% interest per annum. The interest was already credited to her account. Interest income on her savings account maintained in her cooperative - P5,000 • Interest income on promissory notes of clients - P7,000 How much interest income is subject to final tax? a. P40,750 b. P15,750 c. P13,750 d. P8,750
Cynthia found various ways to make use of her money to generate income. The following summarizes all the income she was able to derive from her use of money: • Interest income from loans granted to online sellers who did not have enough capital on their own - P25,000 • Interest income on a 90-day time deposit with BPI. The amount of deposit is P500,000 which pays 7% interest per annum. The interest was already credited to her account. Interest income on her savings account maintained in her cooperative - P5,000 • Interest income on promissory notes of clients - P7,000 How much interest income is subject to final tax? a. P40,750 b. P15,750 c. P13,750 d. P8,750
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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