7. PP & Co., a partnership engaged in the practice of accounting, had a gross income...

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7. PP & Co., a partnership engaged in the practice of accounting, had a gross income of 220,000 and expenses of 85,000 during the year 2020: Share in P/L ration Income from other business Expenses Status Ping 75% 125,000 80,000 Married none Dependent children What is the income tax payable of the partnership? a. Zero c.75,000 d. 47,250 Pong 25% 325,000 190,000 Unmarried 2 b. 40,500 8. Using the preceding number, what is the taxable income of Ping and Pong? a. P96,250; P68,750 c. P146,250; P118,750 b. P146,250; P168,750 d. P96,250; P168,750 9. Following the preceding problem, how much is the income tax payable/(refundable) of Ping and Pong? a. P18,100; P28,700 c. (P10,125): (P3,375) b. 0:0 d. P29,250;P P33,750 10. Assuming, PP & Co., a partnership engaged in the practice of law, had a gross income of 2,200,000 and expenses of 200,000 during the year 2020: Share in P/L ration Income from other business Expenses Status Dependent children Ping 50% 125,000 80,000 Married none Pong 50% 325,000 190,000 Unmarried 2 How much is the income tax payable/refundable of Ping and Pong? P230,500;P203,500 a. P203,500; P230,500 b. P53,500; P80,500 c. d. P80,500; P53,500 11. Using No. 12, assuming PP & Co. is a general partnership, how much is the taxable income of Ping and Pong? a. P45,000; P135,000 b. (P5,000); P35,000 c. P1,045,000; P1,135,000 d. P995,000; P1,035,000 7. PP & Co., a partnership engaged in the practice of accounting, had a gross income of 220,000 and expenses of 85,000 during the year 2020: Share in P/L ration Income from other business Expenses Status Ping 75% 125,000 80,000 Married none Dependent children What is the income tax payable of the partnership? a. Zero c.75,000 d. 47,250 Pong 25% 325,000 190,000 Unmarried 2 b. 40,500 8. Using the preceding number, what is the taxable income of Ping and Pong? a. P96,250; P68,750 c. P146,250; P118,750 b. P146,250; P168,750 d. P96,250; P168,750 9. Following the preceding problem, how much is the income tax payable/(refundable) of Ping and Pong? a. P18,100; P28,700 c. (P10,125): (P3,375) b. 0:0 d. P29,250;P P33,750 10. Assuming, PP & Co., a partnership engaged in the practice of law, had a gross income of 2,200,000 and expenses of 200,000 during the year 2020: Share in P/L ration Income from other business Expenses Status Dependent children Ping 50% 125,000 80,000 Married none Pong 50% 325,000 190,000 Unmarried 2 How much is the income tax payable/refundable of Ping and Pong? P230,500;P203,500 a. P203,500; P230,500 b. P53,500; P80,500 c. d. P80,500; P53,500 11. Using No. 12, assuming PP & Co. is a general partnership, how much is the taxable income of Ping and Pong? a. P45,000; P135,000 b. (P5,000); P35,000 c. P1,045,000; P1,135,000 d. P995,000; P1,035,000

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