Ford Is the Sole Proprietor of Go, a Game App

question 53

Multiple Choice

Ford is the sole proprietor of Go, a game app subscription service. As a sole proprietor, on the business's profits, Ford pays​

• A) ​no income taxes.
• B) ​only personal income taxes.
• C) ​only business income taxes.
• D) ​both personal and business income taxes.

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Definitions:

Cash Register

A mechanical or electronic device for calculating and recording sales transactions, and an attached drawer for storing cash.

Cash Sales

Transactions where the payment for goods or services is made immediately in cash, without extending credit.

Cash Register Total

The sum amount of cash transactions recorded by a cash register within a certain time period.

Journalize

The process of recording financial transactions in a company’s journal, marking the first step in the accounting cycle.