Laila Ramos decided to open abicycle and car rental business on October 1, 2021 to augment the salary of her husband. Below are the transactions. October 1 Invested P50,000 in cash and P 100,000 in bicycles. Borrowed from the bank P 250,000 cash and issued a note for this Bought mini cars P 200,000 on credit 12 Total expenses paid for utilities amounted to P15,000 15 She has a sales revenue of P 60,000 in cash 18 Purchased supplies and paid cash of P 2,000 20 Made a cash withdrawal of P 5,000 28 Total expenses paid for rent amounted to P15,000 30 Only 80% of the supplies were used up 31 Paid P 100,000 on the account owing for cars bought

Laila Ramos decided to open abicycle and car rental business on October 1, 2021 to augment the salary of her husband. Below are the transactions. October 1 Invested P50,000 in cash and P 100,000 in bicycles. Borrowed from the bank P 250,000 cash and issued a note for this Bought mini cars P 200,000 on credit 12 Total expenses paid for utilities amounted to P15,000 15 She has a sales revenue of P 60,000 in cash 18 Purchased supplies and paid cash of P 2,000 20 Made a cash withdrawal of P 5,000 28 Total expenses paid for rent amounted to P15,000 30 Only 80% of the supplies were used up 31 Paid P 100,000 on the account owing for cars bought

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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