Wil has a bakery with total assets of P5,000,000 inclusive of a lot with a book value P1,400,000. • Gross income from sales of bread- P450,000 • Interest on promissory notes of retail store clients-P29,000 • Royalties on sale of recipe books-P54,000 • Dividend income from domestic stocks-P32,000 Compute the total amount subject to regular income tax P450,000 P479,000 O P533,000 P565,000

Wil has a bakery with total assets of P5,000,000 inclusive of a lot with a book value P1,400,000. • Gross income from sales of bread- P450,000 • Interest on promissory notes of retail store clients-P29,000 • Royalties on sale of recipe books-P54,000 • Dividend income from domestic stocks-P32,000 Compute the total amount subject to regular income tax P450,000 P479,000 O P533,000 P565,000

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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