Based on ph Joji, a resident citizen, has the following cumulative data from January to June 30, 2021: Sales, P2 million; Salary, P1 million. In the 3rd quarter of 2021, he has Sales of P500,000 and a Salary of P100,000. How much Sales and Salary, respectively, shall be declared by Joji in the 3rd quarter income tax return for the taxable year 2021? A.P500,000 and P100,000 B.P2,500,000 and zero, respectively C.P2,000,000 and P1,100,000 D.P2,500,000 and P1,100,000 E.None of the above
Based on ph Joji, a resident citizen, has the following cumulative data from January to June 30, 2021: Sales, P2 million; Salary, P1 million. In the 3rd quarter of 2021, he has Sales of P500,000 and a Salary of P100,000. How much Sales and Salary, respectively, shall be declared by Joji in the 3rd quarter income tax return for the taxable year 2021? A.P500,000 and P100,000 B.P2,500,000 and zero, respectively C.P2,000,000 and P1,100,000 D.P2,500,000 and P1,100,000 E.None of the above
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 18P
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Based on ph
Joji, a resident citizen, has the following cumulative data from January to June 30, 2021: Sales, P2 million; Salary, P1 million. In the 3rd quarter of 2021, he has Sales of P500,000 and a Salary of P100,000. How much Sales and Salary, respectively, shall be declared by Joji in the 3rd quarter income tax return for the taxable year 2021?
A.P500,000 and P100,000
B.P2,500,000 and zero, respectively
C.P2,000,000 and P1,100,000
D.P2,500,000 and P1,100,000
E.None of the above
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