The basic format of an income statement is
a. Assets - Liabilities = Profits
b. Sales - Liabilities = Profits
c. Sales - Expenses = Profits
d. Income - Expenses = EBIT
39) In order to simplify the tax code, current regulations require that a dollar of income earned by a U.S. Corporation in the United States is taxed in the same way as a dollar of income earned by a U.S. Corporation in a foreign country.