Income tax expense would be found on the income statement of a sole proprietorship, but not on the income statement of a corporation.
Answer the following statement true (T) or false (F)
False
Corporations are taxed on their net income, whereas the profits of a sole proprietorship are taxed to the owner.
You might also like to view...
If the lower control limit of a P chart is negative,
A. a mistake has been made in the computations. B. use the absolute value of the lower limit. C. it is set to zero. D. it is an indication that the process is out of control.
Ocean Spray sells its air fresheners only through Ray's Drugs. This is an example of ________ distribution
A) exclusive B) selective C) intensive D) indirect E) corporate
On January 1, 2017, Fargo Company purchased 30% of the common stock of Fairly Company for $80,000. The purchase was made at book value. Additional information for Fairly Company follows: Year Net Income Dividends Paid 2017 $20,000 $24,000 2018 60,000 42,000 ? On Fargo's books, what would be the balance of Investment in Fairly Company at December 31, 2018?
A. $104,000 B. $63,400 C. $84,200 D. $60,200
Francis signs an agreement with Sam on July 21, but four days later decides he made a bad deal
Which of the following, if true, will be a legal basis for Francis to get out of the contract? A) Both Sam and Francis are mistaken as to the subject matter of the contract. B) The consideration given up by Francis was twice the value of that given up by Sam. C) Sam breached a contract with Francis last year. D) He did not receive a fair price for the goods or services he sold in the contract.