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3 01:22:52 Multiple Choice At tax time, the business pays taxes on $200,000, and Mylie pays taxes on $60,000. At tax time, the business pays taxes on $200,000. At tax time, Mylie pays taxes on $200,000. At tax time, the business pays taxes on $140,000, and Mylie pays taxes on $60,000.

3 01:22:52 Multiple Choice At tax time, the business pays taxes on $200,000, and Mylie pays taxes on $60,000. At tax time, the business pays taxes on $200,000. At tax time, Mylie pays taxes on $200,000. At tax time, the business pays taxes on $140,000, and Mylie pays taxes on $60,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer with reason for all why the option is correct and why the other options are incorrect

7 01:22:52 Mylle has a clothing store as a sole proprietorship. Her shop has a net Income at the end of the year of $200,000. She took a salary from this of $60,000. The remaining money is left in her bank account. Multiple Choice At tax time, the business pays taxes on $200,000, and Mylie pays taxes on $60,000. At tax time, the business pays taxes on $200.000. At tax time, Mylie pays taxes on $200,000. At tax time, the business pays taxes on $140,000, and Mylie pays taxes on $60,000,
Transcribed Image Text:7 01:22:52 Mylle has a clothing store as a sole proprietorship. Her shop has a net Income at the end of the year of $200,000. She took a salary from this of $60,000. The remaining money is left in her bank account. Multiple Choice At tax time, the business pays taxes on $200,000, and Mylie pays taxes on $60,000. At tax time, the business pays taxes on $200.000. At tax time, Mylie pays taxes on $200,000. At tax time, the business pays taxes on $140,000, and Mylie pays taxes on $60,000,
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