Maria Clara rendered parlor services during the month: P 5,000 cash basis and P 3,500 on account. The amount to be credited to Service Income isSelect one:a.P 8,500b.P 5,000c.Answer not givend.P 3,500

At the end of the month, Maria Clara Parlor's total Liabilities and Owner's Equity is P 250,000. One fifth of which is the liability. The parlor's total assets isSelect one:a.P 250, 000b.Answer not givenc.P 200, 000d.P 50, 000

The trial balance of Maria Clara Parlor has a total debit balance of P 300,000. Among the accounts listed are Accounts Payable, P 3,500; Notes Payable, P10,000;Maria Clara, Capital, P180,000. The parlor's revenue isSelect one:a.P 193,500b.P 180,000c.P 106,500d.P 120,000

The parlor's gross revenue for the month is P 100,000 and expenses incurred are 30%. Maria also earned a broker's fee of P 20,000 for selling a real property. The amount of net income that should be reported by the parlor isSelect one:a.P 84,000b.P 70,000c.P 50,000d.P 90,000

Cash of P10,000 received at the time the service was rendered, journalized and posted as a debit to Cash 10,000 and a credit to Accounts Receivable 10,000.  The correcting entry is:*a. Debit service Revenue 10,000 and credit Accounts Receivable 10,000b. Debit Accounts Receivable 10,000and credit Service Revenue 10,000c. Debit Cash 10,000 and credit Service Revenue 10,000d. Debit Accounts Receivable 10,000 and credit Cash 10,000

Maria makes $35,000 per year. After taking deductions and credits, Maria's total tax liability is $4,200. What is Maria's effective tax rate?Group of answer choices20%28%12%8.33%