On a common-size income statement, income taxes expense is expressed as a percentage of:

The two sets of degrees of freedom on which the F distribution depends are the degrees of freedom in the numerator and the degrees of freedom in the denominator

Indicate whether the statement is true or false

Sam quit his job as an accountant with We Keep Books Accurately to open his own accounting

firm. He earned $40,000 with the accounting firm We Keep Books Accurately. During the current year, Sam had revenues of $150,000 and total expenses of $110,000. Sam earned an A) accounting profit of $40,000. B) entrepreneurial profit of $40,000, but had an accounting loss. C) accounting profit of $40,000 and an entrepreneurial profit of $40,000. D) entrepreneurial profit of $40,000. E) Both A and D above are correct.