Multiple Choice
Which of the following statements relating to financial reports for a partnership is incorrect?
A) Partners' salaries are normally treated as an allocation of profit.
B) Each individual partner's equity in the business is reported separately.
C) Interest on capital contributions is treated as an allocation of profits.
D) Income tax expense is deducted from the partnership profit at the end of the income statement.
Correct Answer:
Verified
Correct Answer:
Verified
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