Total income subject toPhilippine income taxassuming Jasmine is a residentcitizenJasmine has the following items of incomePhilippines AbroadP100,00050,000Business incomeProfessional feesCompensation income 400,000Rent incomeInterest incomeP200,000100,000300,00030,000200,00040,000Your answerTotal income subject toPhilippine income taxassuming Jasmine is adomestic corporationJasmine has the following items of incomePhilippines AbroadP100,00050,000Business incomeProfessional feesCompensation income 400,000Rent incomeInterest incomeP200,000100,000300,00030,000200,00040,000Your answer

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Total income subject to Philippine income tax assuming Jasmine is a resident citizen Jasmine has the following items of income Business income Professional fees Compensation income 400,000 Philippines Abroad P200,000 100,000 P100,000 50,000 Rent income Interest income 300,000 30,000 200,000 40,000

Total income subject to Philippine income tax assuming Jasmine is a resident citizen Jasmine has the following items of income Business income Professional fees Compensation income 400,000 Philippines Abroad P200,000 100,000 P100,000 50,000 Rent income Interest income 300,000 30,000 200,000 40,000

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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Question

Total income subject to
Philippine income tax
assuming Jasmine is a resident
citizen
Jasmine has the following items of income
Philippines Abroad
P100,000
50,000
Business income
Professional fees
Compensation income 400,000
Rent income
Interest income
P200,000
100,000
300,000
30,000
200,000
40,000
Your answer
Total income subject to
Philippine income tax
assuming Jasmine is a
domestic corporation
Jasmine has the following items of income
Philippines Abroad
P100,000
50,000
Business income
Professional fees
Compensation income 400,000
Rent income
Interest income
P200,000
100,000
300,000
30,000
200,000
40,000
Your answer

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