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1:41 O 96.j

1:41 O 96.j

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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E ll 11:41 O O f 96.jpg Chapter 3 - Introduction to co Chapte Problem 3-14 Comput P18 a. the year: PL b. merchandise and did not operate during the year. Sold merchandise to unrelated parties at a gain of P800,000 Sold merchandise to Darrel Asuncion, Pines Corporation's controlling ste Proble A conde the san to securit at a gain of P100,000 Sold various merchandise to Choco Hills, Inc. at a gain of P200,000 their ut During P5,00C a. P1,700,000 b. P1,200,000 Compute the total income of Pines Corporation subject to income tax. c. P1,100,000 d. P900,000 omot .00 How n Aww.bns a. b. P4 Problem 3-15 Jonathan is a supervisory employee of Koronadal Corporation. He had the fol items of gross income during the year: Jonathan was paid P800,000 salaries. Jonathan's P100,000 personal loan was paid by Koronadal Corporation as re for his excellent performance. Jonathan's P50,000 advances to the company was paid by Koronadal executive officer as a gift. Jonathan is entitled to excess representation and transportation allowa Jonathan received P200,000 total allowance out of which P120.000 was disbu Probl Kenjy from total a. b. Prob An Ar by him. woule Compute Jonathan's total income subject to income tax. a. P980,000 b. P900,000 a. b. c. P880,000 d. P800,000 C. d. Problem 3-16 Jen is engaged in business. The following pertains to her transactions during 20 Sold his half of the car's P500,000 current fair value. iwelld Prob A citi personal car which was purchased at P200,000 to a friend who pa a. Sales of b. merchandise was P800,000 and the cost of goods sold was P600,00 Jen acquired several stocks from the Philippine Stock Exchange for sp These stocks have an aggregate purchase price of P400,000 but with fair value by December 31, 2021. Jen's house and lot which he acquired for P1,500,000 in 2010 now have fair value of P2,500,000. C. d. Prob An a c renta b. 96 00000000000 () II
Transcribed Image Text:E ll 11:41 O O f 96.jpg Chapter 3 - Introduction to co Chapte Problem 3-14 Comput P18 a. the year: PL b. merchandise and did not operate during the year. Sold merchandise to unrelated parties at a gain of P800,000 Sold merchandise to Darrel Asuncion, Pines Corporation's controlling ste Proble A conde the san to securit at a gain of P100,000 Sold various merchandise to Choco Hills, Inc. at a gain of P200,000 their ut During P5,00C a. P1,700,000 b. P1,200,000 Compute the total income of Pines Corporation subject to income tax. c. P1,100,000 d. P900,000 omot .00 How n Aww.bns a. b. P4 Problem 3-15 Jonathan is a supervisory employee of Koronadal Corporation. He had the fol items of gross income during the year: Jonathan was paid P800,000 salaries. Jonathan's P100,000 personal loan was paid by Koronadal Corporation as re for his excellent performance. Jonathan's P50,000 advances to the company was paid by Koronadal executive officer as a gift. Jonathan is entitled to excess representation and transportation allowa Jonathan received P200,000 total allowance out of which P120.000 was disbu Probl Kenjy from total a. b. Prob An Ar by him. woule Compute Jonathan's total income subject to income tax. a. P980,000 b. P900,000 a. b. c. P880,000 d. P800,000 C. d. Problem 3-16 Jen is engaged in business. The following pertains to her transactions during 20 Sold his half of the car's P500,000 current fair value. iwelld Prob A citi personal car which was purchased at P200,000 to a friend who pa a. Sales of b. merchandise was P800,000 and the cost of goods sold was P600,00 Jen acquired several stocks from the Philippine Stock Exchange for sp These stocks have an aggregate purchase price of P400,000 but with fair value by December 31, 2021. Jen's house and lot which he acquired for P1,500,000 in 2010 now have fair value of P2,500,000. C. d. Prob An a c renta b. 96 00000000000 () II
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