Which of the Following Is Correct Regarding the Form for Filing

question 48

Short Answer

Which of the following is correct regarding the form for filing the annual Federal income tax return? $\begin{array}{ll}\text { Business entity form }&\text { Tax form }\\a.\text { Sole proprietorship } & \text { Form 1040-Schedule C } \\b.\text { Partnership } & \text { Form 1065P } \\c.\text { C corporation } & \text { Form 1120C } \\d.\text { LLC } & \text { Form 1120S } \\e.\text { S corporation } & \text { Form 1120 }\end{array}$

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Definitions:

Discontinuing

The process of ending the manufacture, support, or offering of a product or service.

Allocated Fixed Costs

Fixed costs that are assigned or distributed to various departments, products, or activities based on specific criteria.

Net Income

The total earnings of a company after subtracting all expenses from its total revenues; also known as net profit.

Income

The amount of money received by an individual or business in exchange for providing a good or service or through investing capital.