Inference of the Existence of a General Partnership Is Drawn

question 60

Multiple Choice

Inference of the existence of a general partnership is drawn only if profits are received as ________.

• A)share in partnership
• B)payment of wages
• C)interest owed on a loan
• D)a debt owed to a creditor

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor.