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BSA 2-2
FERMIN, ALYSSA MAE G.
Sales P 3,500,000
Less: Cost of sales 2,000,000
Gross profit P 1,500,000
Commission income on consignment 200,000
Interest income from customers 20,000
Interest income, net of final tax 10,000
Dividend income 50,000
Total income P 1,780,000
Less: Admin and selling expenses 1,000,000
Net income P 780,000
Compute the total gross income subject to regular tax.
a. P1,720,000 c. P1,780,000
b. P1,770,000 d. P 840,000
5. Precy, Inc., a domestic corporation, reported the following income in
2014.
Philippines Abroad
Service fees P 400,000 P 300,000
Interest income – bank 40,000 70,000
Royalties – franchise 80,000 30,000
Compute the total gross income subject to regular income tax.
a. P920,000 c. P 800,000
b. P860,000 d. P 700,000
6. If Precy Inc. is a resident foreign corporation, compute the gross
income subject to regular tax.
a. P 520,000 c. P 400,000
b. P 480,000 d. P 440,000
7. Andres leases a building to a client. During the year, he received
the following remittance from the lessee:
How much will be included in Croki’s gross income for regular income
tax purposes?
a. P 150,000 c. P 110,000
b. P 140,000 d. P 100,000
9. The Big Bird Security Agency (BBSA)received P3,000,000 from its
clients. P2,400,000 of this was designated for salaries of guards
assigned to various client establishments.
14. Edwin purchased the life insurance policy of Paulo for P50,000. He
continued the policy by paying P20,000 premium after which Paulo died.
Edwin collected the P500.000 proceeds of the policy.
23. A taxpayer under the cash basis wrote-off P50,000 receivables in 2010.
In 2015, P30,000 of the receivables was recovered.
Sales P 490,000
Gross compensation income 120,000
Cost of sales 200,000
Non-taxable compensation 30,000
Administrative and selling expenses 120,000
Personal expenses 70,000