A Single Taxpayer Whose Only Income Is from a Sole

question 26

True/False

A single taxpayer whose only income is from a sole proprietorship with gross income of $8,700 and net income of $3,800 is not required to file a tax return for 2012.

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Definitions:

Long-Term Liabilities

Obligations or debts that a company expects to pay after one year or beyond the current business cycle.

Balance Sheet

A financial statement that displays a company's financial position at a specific point in time, outlining assets, liabilities, and equity.

Vertical Analysis

A method of financial statement analysis in which line items are expressed as a percentage of a base figure within the same period.

Ford Motor Company

A multinational automaker headquartered in the United States, known for producing and selling automobiles and commercial vehicles under the Ford brand and luxury cars under the Lincoln brand.