Which of the following is true of a partner's right to compensation? Question 22 options: A partner is entitled to salary or wages. The partners may agree that one or more of them is to be paid a salary which will not be deducted at the end of the year from his profits. Compensation is never presumed to be the partner's share of the profits. The partners may agree that one or more of them is to be paid a salary in addition to sharing in profits.
Which of the following is true of a partner's right to compensation? Question 22 options: A partner is entitled to salary or wages. The partners may agree that one or more of them is to be paid a salary which will not be deducted at the end of the year from his profits. Compensation is never presumed to be the partner's share of the profits. The partners may agree that one or more of them is to be paid a salary in addition to sharing in profits.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is true of a partner's right to compensation? Question 22 options: A partner is entitled to salary or wages. The partners may agree that one or more of them is to be paid a salary which will not be deducted at the end of the year from his profits. Compensation is never presumed to be the partner's share of the profits. The partners may agree that one or more of them is to be paid a salary in addition to sharing in profits.
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