Whether a business is organized as a corporation or as a proprietorship,the profit reported on the income statement will be the same.

Question

Quizplus · Accepted Answer

The profit reported on the income statement can be different based on the business structure. A corporation may have additional expenses such as taxes and dividends that are accounted for before the net income is reported on the income statement, while a proprietorship's net income is reported as the owner's income on their personal tax return.

Whether a Business Is Organized as a Corporation or as a Proprietorship,the