Income statements for corporations are the same as the statements for proprietorships except for the reporting of

Question

Quizplus · Accepted Answer

Income statements for corporations are the same as the statements for proprietorships except for the reporting of income tax expense, as corporations are subject to corporate income tax while proprietorships are not. Gross profit, income from operations, and other revenues and gains are all reported on both types of income statements.

Income Statements for Corporations Are the Same as the Statements