Mr. Calma is a partner of CAT Partnership, a general professional partnership, and shares25% of the profit. The gross receipts of the partnership amounted to P 10,000,000 for taxableyear 2021. The recorded cost of service and operating expenses were P 2,750,000 andP 1,500,000, respectively.7.How much is the net income for distribution to partners?A. P 2,750,000 B. P 2,900,000C. P 4,350,000D. P 5,750,0008. How much is the income tax due of the partnership?A. POB. P 870,000C. P 1,087,000D. P 1,305,0009. How much is the income tax due of Mr. Calma?A. P 86,250B. P 130,000C. P 216,250D. P 321,250

7. Net Income for Distribution to partners D. P 5,750,000 is correct option. Explanation: Gross…

. How much is the net income for distribution to partners? A. P 2,750,000 B. P 2,900,000 C. P 4,350,000 How much is the income tax due of the partnership? B. P 870,000 A. PO C. P 1,087,000 . How much is the income tax due of Mr. Calma? A. P 86,250 B. P 130,000 C. P 216,250 D. P 5,750,000 D. P 1,305,000 D. P 321,250

. How much is the net income for distribution to partners? A. P 2,750,000 B. P 2,900,000 C. P 4,350,000 How much is the income tax due of the partnership? B. P 870,000 A. PO C. P 1,087,000 . How much is the income tax due of Mr. Calma? A. P 86,250 B. P 130,000 C. P 216,250 D. P 5,750,000 D. P 1,305,000 D. P 321,250

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 2BCRQ

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