Stella, a single proprietor engaged in service business, reported the following business income and expenses: Service income- P500,000, Collections during the year- P490,000, Expenses actually incurred during the year- 150,000, Expenses paid during the year-200,000. How much is the net income from business?

Stella, a single proprietor engaged in service business, reported the following business income and expenses: Service income- P500,000, Collections during the year- P490,000, Expenses actually incurred during the year- 150,000, Expenses paid during the year-200,000. How much is the net income from business?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 22MCQ

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