Income statements for corporations are the same as the income statements for proprietorships except for the reporting of
A) cost of goods sold.
B) income taxes.
C) gross profit.
D) other revenues and other expenses.

Question

Quizplus · Accepted Answer

Income statements for corporations differ from those for proprietorships primarily in the reporting of income taxes. Corporations are separate legal entities and are taxed on their earnings, whereas proprietorships are not taxed at the business level; the income is taxed as part of the owner's personal income.

Income Statements for Corporations Are the Same as the Income