Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. antonio, borromeo, castro and co., cpas (abc \&

Antonio, Borromeo, Castro and Co., CPAs (ABC \& Co.) a re partners of an accounting...

80.2K

Verified Solution

Question

Accounting

image

Antonio, Borromeo, Castro and Co., CPAs (ABC \& Co.) a re partners of an accounting firm. The 2022 financial records of the firm disclosed th e following: Service Revenue P4,490,000 Cost of Services 1,610,000 Operating Expenses 800,000 Rental Income 500,000 Interest Income from Bank Deposit 480,000 Partnership Assets 68,000,000 Antonio is also engaged in business with the following data for the year: Gross Sales P 2,500,000 Cost of Sales 1,250,000 Operating Expenses 550,000 Answer the following questions: 1. How much is the income tax due of the Partnership? 2. How much is the taxable income of Antonio during th e year? 3. How much is the taxable income of Antonio assumin gABC \& Co. opted to use Optional Standard Deduction (OSD)? 4. How much is the taxable income of Antonio assumin g the Partnership and Antonio opted to use Optional Standard Deduction

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students