45. Mr. L is the CEO of the prestigious Campuswise Cafe along…

Question Answered step-by-step 45. Mr. L is the CEO of the prestigious Campuswise Cafe along… 45. Mr. L is the CEO of the prestigious Campuswise Cafe along Teresa St., Sta. Mesa. Manila. Also, he writes books, self-publish them, and distributes them to different bookstores in the Philippines. In the first week of January 2021, he resigned from Campuswise Cafe to concentrate on his self-publishing business. His total compensation income in 2021 amounted to P200,000 inclusive of other benefits and non-taxable items of of P35,000.In 2021, his self-publishing business had a gross sales of P2,500,000, cost of sales of P431,000, and operating expenses of P233,000. It also had a non-operating income of P143,000.How much is his income tax due in 2021 if he avails of the 8% income tax rate? –46. Charlotte was injured in a vehicular accident in 2022.  He incurred and paid medical expenses of P120,000 and legal fees of P50,000 during the year.  In 2023, he received P70,000 as settlement from the insurance company which insured the car owned by the other party involved in the accident.  From the above payments and transactions, how much amount is to be included as part of gross income? Business Accounting Share QuestionEmailCopy link Comments (0)