Solved

Olga's Proprietorship Earned a Net Profit of $95,000 During the Year

Question 19

True/False

Olga's proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the proprietorship on her individual income tax return (Form 1040).

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q6: Discuss the purpose of Schedule M-1.Give two

Q14: Owl Corporation, a C corporation, recognizes a

Q16: A corporation with $10 million or more

Q17: Unlike individual taxpayers, corporate taxpayers do not

Q20: Quail Corporation is a C corporation with

Q24: For a corporation in 2011, the domestic

Q26: In the current year, Plum Corporation, a

Q44: Generally, corporate net operating loss can be

Q51: Azul Corporation, a calendar year C corporation,

Q61: During the current year, Thrasher, Inc., a