Emily owns three businesses: a dry cleaner, a market, and a candy store. The dry cleaner has revenue of $5,200; the market has revenue of $12,000; and the candy store has revenue of $7,400. Under the business entity concept, Emily should record O a. $24,600 of revenue in the records of the dry cleaner. O b. $24,600 of revenue in her personal records. O c. $24,600 of revenue in the records of the market. © d. None of these choices are correct.

Emily owns three businesses: a dry cleaner, a market, and a candy store. The dry cleaner has revenue of $5,200; the market has revenue of $12,000; and the candy store has revenue of $7,400. Under the business entity concept, Emily should record O a. $24,600 of revenue in the records of the dry cleaner. O b. $24,600 of revenue in her personal records. O c. $24,600 of revenue in the records of the market. © d. None of these choices are correct.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 59P

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