Homework Answers
Solution:
Option d: Corporation
Explanation: An Income Taxes Payable account generally appears only on the balance sheet of a corporation, because a corporation is treated as a different entity, which can earn its own income and it is taxed and is reponsible for paying taxes.
For LLC and sole proprietorship Profits and losses are reported on the individual tax returns for the owners, and not at the business level.
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^last answer is 5450
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