Which of the following statements is correct? * Salaries to partners and interest on O partners' capital are expenses of the partnership. Salaries to partners are expenses of the O partnership but not interest on partners' capital. Interest on partners' capital is an expense O of the partnership but not salaries to partners. Neither salaries to partners nor interest on O partners' capital are expenses of the partnership.
Which of the following statements is correct? * Salaries to partners and interest on O partners' capital are expenses of the partnership. Salaries to partners are expenses of the O partnership but not interest on partners' capital. Interest on partners' capital is an expense O of the partnership but not salaries to partners. Neither salaries to partners nor interest on O partners' capital are expenses of the partnership.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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