Question: Use the following data for the next two (2) questions Cliff is a self-employed and professional accountant. He provided the following information for 2021

Use the following data for the next two (2) questions Cliff is a self-employed and professional accountant. He provided the following information for 2021 taxable year: Gross sales P1,650,000 500,000 Cost of sales 425,000 Business expenses 308,750 Rental income (net) Philippine charity sweepstakes winnings 500,000 120,000 Royalty income - books Other royalty income - Philippines 60,000 Dividend income - domestic corporations 40,000 100,000 Interest income, BDO QC Interest income received from a depository bank 50,000

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