Explain how the net income of a partnership is allocated if it is less than the salary

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Explain how the net income of a partnership is allocated if it is less than the salary and interest allowances.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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College Accounting Chapters 1-30

ISBN: 978-1259631115

15th edition

Authors: John Price, M. David Haddock, Michael Farina

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