Identify at least two ways in which the Apple corporate income statement differs from a partnership income statement.

Question

04-01-2021
Business

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Identify at least two ways in which the Apple corporate income statement differs from a partnership income statement.

Sagot :

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Zviko Zviko · Answer 1 · 2021-01-04T19:22:09-05:00

Answer:

1. Salary attributable to a Partner

2. Interest on Capital

3. Share of Residual Profit

Explanation:

The Financial Statements for all businesses are prepared much in the same way in most respects. It is only after calculation of the Profit for the Year that a change may take place.

The Partnership should show a share of profit in a special account known as the Appropriation Account. Here the heading will be Salary attributable to a Partner, Interest on Capital and Share of residual Profit

The above items are only seem in the partnership income statement and not in a corporate income statement.

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