Which of the following statements is correct regarding the provision for income taxes in the financial statements
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Question:
provision for income taxes in the financial statements of a sole
proprietorship?
The provision for income taxes should be based on
business income using individual tax rates.
The provision for income taxes should be based on
business income using corporate tax rates.
The provision for income taxes should be based on the
proprietor?s total taxable income, allocated to the proprietorship
at the percentage that business income
bears to the proprietor?s total income.
No provision for income taxes is required.
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
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