I-n-c-o-m-e- -t-a-x-a-t-i-o-n- -b-a-s-e-d- -i-n- -P-h-i-l-i-p-p-i-n-e- -L-a-w-A-n-s-w-e-r- -t-h-e- -a-t-t-a-c-h-e-d- -p-i-c-t-u-r-e-,- -p-l-e-a-s-e- -a-d-d- -s-o-l-u-t-i-o-n- -i-n- -e-v-e-r-y- -p-r-o-b-l-e-m- -a-l-s-o- -i-n-d-i-c-a-t-e- -t-h-e- -r-u-l-e- -o-r- -p-r-o-v-i-s-i-o-n-s- -o-f- -l-a-w- -u-n-d-e-r- -R-e-p-u-b-l-i-c- -A-c-t- -No. 8434 Problem 4-24The following informationPurchasesPurchase discountsPurchase returnsTransportation inFreight outInventory, endInventory, beginningHow much is the cost of sale?a. P 95,000b. P1,185,000b.C.Inventory, endPurchasesd.Problem 4-25Cost of SalesThe following pertain to the 2-year operations of a trading business:Year 1P 50,000850,000Freight inPurchase discountd.Cost of Salesa.P910,000P790,000P860,000The cost of sales for year 1 and year 2 areYear 2Year 1P920,000P890,000is available to determine the cost of sale of X:P1,200,000Freight outSales returnP790,000P910,000P790,000operation:Purchases of raw materialsP790,000Freight inRaw materials, ending inventoryDirect laborFactory overheadWork-in-process, ending inventoryFinished goods, ending inventory ASalesP860,000Problem 4-26Income from Manufacturing BusinessA manufacturing business reported the following for its first year ofIts gross business income is-a.P238,000b. P250,000C.d.The gross service income of X isa. P15,000.b. P13,000.Accounting suppliesGeneral suppliesP1,125,000P1,135,000a. P500,000.b. P340,000.Salaries of accounting staffSalaries of office assistant10,00020,000C.P228,000d. P188,000Problem 4-27Gross Service IncomeBefore starting to render his service, X collected an advance payment ofP2,000 for the acceptance of the job contract. When the required servicefrom X was completed, X received P8,000 cash service fee after deductingthe P2,000 advance payment, plus an office machine with cash pricevalue of P3,000 and P2,500 cost to the seller.10,00040,0005,0004,00050,00020,000C.P11,000.d, P10,500.The gross income for MCIT purposes would beYear 2P 30,000900,00015,00025,000Problem 4-28Gross Service IncomeFrom the following data compute the reportable gross business income ofa servicing business for MCIT purposes:Professional fee, accounting servicesc. P280,000.d.P275,000.P 540,00020,00010,000400,000200,000100,00050,0001,275,00012,00025,000P500,000150,00060,00010,0005,000

Since you have posted multiple questions, as per the guidelines only the first question will be…

Problem 4-24 The following information Purchases Purchase discounts Purchase returns Transportation in Freight out Inventory, end Inventory, beginning Cost of Sales How much is the cost of sale? a. P 95,000 b. P1,185,000 Inventory, end Purchases Freight in Purchase discount Problem 4-25 Cost of Sales The following pertain to the 2-year operations of a trading business: Year 1 P 50,000 850,000 10,000 20,000 a. is available to determine the cost of sale of X: P1,200,000 b. P910,000 C. P790,000 d. P860,000 The cost of sales for year 1 and year 2 are Year 1 Year 2 P920,000 P890,000 P790,000 P910,000 P790,000 P790,000 operation: Purchases of raw materials Freight in Raw materials, ending inventory Direct labor Factory overhead d. P860,000 Problem 4-26 Income from Manufacturing Business A manufacturing business reported the following for its first year of Work-in-process, ending inventory Finished goods, ending inventory A Sales Freight out Sales return Its gross business income is .a. P238,000 b. P250,000 C. P1,125,000 d. P1,135,000 The gross service income of X is a. P15,000. b. P13,000. Accounting supplies General supplies Salaries of accounting staff Salaries of office assistant C. P228,000 d. P188,000 10,000 40,000 5,000 4,000 50,000 20,000 Problem 4-27 Gross Service Income Before starting to render his service, X collected an advance payment of P2,000 for the acceptance of the job contract. When the required service from X was completed, X received P8,000 cash service fee after deducting the P2,000 advance payment, plus an office machine with cash price value of P3,000 and P2,500 cost to the seller. C. P11,000. d, P10,500. Year 2 P 30,000 900,000 15,000 25,000 The gross income for MCIT purposes would be a. P500,000. C. P280,000. b. P340,000. d. P275,000. P 540,000 20,000 10,000 400,000 200,000 100,000 50,000 1,275,000 Problem 4-28 Gross Service Income From the following data compute the reportable gross business income of a servicing business for MCIT purposes: Professional fee, accounting services 12,000 25,000 P500,000 150,000 60,000 10,000 5,000