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During the year, Mina earned the following. • Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong. • Business income of a service business in Ireland, P600,000. • Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000. • Compensation income from a domestic employer, P420,000. • Consultancy fees for professional services rendered to an Filipino company, P100,000. • Increase in the fair value of domestic stocks, P80,000. If Mina is a resident citizen, how much is her total income liable to income tax?   720,000 800,000 1,650,00 1,730,000

During the year, Mina earned the following. • Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong. • Business income of a service business in Ireland, P600,000. • Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000. • Compensation income from a domestic employer, P420,000. • Consultancy fees for professional services rendered to an Filipino company, P100,000. • Increase in the fair value of domestic stocks, P80,000. If Mina is a resident citizen, how much is her total income liable to income tax?   720,000 800,000 1,650,00 1,730,000

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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During the year, Mina earned the following.
• Rent received during trip in Macau for properties in Bulacan, P370,000. • Gain on sale of technical gadgets stored in Cavite, P120,000. The sale was perfected in Hong Kong.
• Business income of a service business in Ireland, P600,000.
• Interest income from a resident debtor collected whilst on business travel in Phnom Penh, P40,000.
• Compensation income from a domestic employer, P420,000.
• Consultancy fees for professional services rendered to an Filipino company, P100,000.
• Increase in the fair value of domestic stocks, P80,000.
If Mina is a resident citizen, how much is her total income liable to income tax?
 
720,000
800,000
1,650,00
1,730,000
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