Professional Documents
Culture Documents
Additional Quizzer
Income Taxation
1.
4.
Gross sales
Sales returns and allowances
Cost of goods sold
Gain on sale of capital assets held for 7
months
Loss on sale of capital assets held for
15 months
Interest income (BPI)
Allowable business expenses
Income tax due is:
a. P8,800
b. P 7,500
2.
c. P106,000
d. P101,000
7.
440,000
60,000
36,000
96,000
P2,000,000
1,150,000
560,000
10,000
20,000
100,000
120,000
80,000
300,000
210,000
480,000
Cost
500,000
Page 2 of 3
www.prtc.com.ph
c. P12,000
d. P9,625
5,000
50,000
580,000
6.
P200,000
1,440,000
660,000
12,000
42,000
10,000
P1,100,000
200,000
300,000
5.
Note: Last year, Mr. Cortez had a net income of P65,000 and a
net capital loss of P92,000.
The taxable net income is:
a. P196,000
b. P141,000
9.
P1.502A
a.
P
P
P
P
12M
2M
4M
2M
12. Based on the same data above, using OSD, the taxable
net income if the taxpayer is individual, married w/5
minor children is ____________________.
a. P 5,900,000
c. P 3,600,000
b. P 5,100,000
d. P 5,050,000
P450,000
75,000
24,000
100,000
20,000
200,000
100,000
P120,000
20,000
20,000
10,000
50,000
250,000
50,000
Page 3 of 3
www.prtc.com.ph
P1.502A