The Prosphere bookstore sells the book used in classed such as workbooks and coloring books. All the enrolled learners (150 learners) purchased the 3 prescribed books at P500 each. The books cost P200 each. Also, sales of various school supplies amounted to P500,000.00. Cost of these school supplies amounted to P250,000.00 The monthly salary of the bookstore manager is P20,000. The store is manned by one cleck with monthly salary of P6,000. Utilities expense for the yeaer totals 80,000. Of this, 25% is for the small office at the back of the bookstore, Depreciation for store fixtures amounted to P50,000. Prepare the multi-step income for the year ended December 31 for Prospere Bookstore

The Prosphere bookstore sells the book used in classed such as workbooks and coloring books. All the enrolled learners (150 learners) purchased the 3 prescribed books at P500 each. The books cost P200 each. Also, sales of various school supplies amounted to P500,000.00. Cost of these school supplies amounted to P250,000.00 The monthly salary of the bookstore manager is P20,000. The store is manned by one cleck with monthly salary of P6,000. Utilities expense for the yeaer totals 80,000. Of this, 25% is for the small office at the back of the bookstore, Depreciation for store fixtures amounted to P50,000. Prepare the multi-step income for the year ended December 31 for Prospere Bookstore

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 109EDC

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