Nicole and Nicolas, CPAs, a partnership of Certified Public Accountants, had a gross receipt of P220,000 and expenses of 85,000 in 2019: Nicole Nicolas Share in profit and loss ratio 75% 25% Income from other business P125,000 P325,000 Expenses 80,000 190,000 Amount withdrawn partnership 30,000 12,500 The income tax payable by the partnership us a. P75,000 b. P45,900 c. P44,550 d. None
Nicole and Nicolas, CPAs, a partnership of Certified Public Accountants, had a gross receipt of P220,000 and expenses of 85,000 in 2019: Nicole Nicolas Share in profit and loss ratio 75% 25% Income from other business P125,000 P325,000 Expenses 80,000 190,000 Amount withdrawn partnership 30,000 12,500 The income tax payable by the partnership us a. P75,000 b. P45,900 c. P44,550 d. None
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 6CPA
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Question
Subject income tax
Nicole and Nicolas, CPAs, a partnership of Certified Public Accountants, had a gross receipt of
P220,000 and expenses of 85,000 in 2019:
Nicole Nicolas
Share in
Income from other business P125,000 P325,000
Expenses 80,000 190,000
Amount withdrawn partnership 30,000 12,500
The income tax payable by the partnership us
a. P75,000 b. P45,900 c. P44,550 d. None
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