Please Refer to the Following Partially Completed Worksheet

question 33

Multiple Choice

Please refer to the following partially completed worksheet:
How much was the Net income or Net loss?

• A) Net income of $1,400
• B) Net income of $27,000
• C) Net loss of $1,400
• D) Net loss of $28,400

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Definitions:

Corporate Profits Tax

A levy imposed on the income or profit earned by corporations or analogous legal entities.

Partnerships

A legal form of business operation between two or more individuals who share management and profits.

Proprietorships

Businesses owned and operated by a single individual, with no legal distinction between the owner and the business entity.

Proprietorships

Businesses owned and operated by a single individual, bearing unlimited liability for business debts and obligations.