Explain each of the following in the context of partnership profit sharing: a. Partners' salaries; b. Interest

Question:

Explain each of the following in the context of profit sharing:
a. Partners' salaries;
b. Interest on capital;
c. Interest on drawings;
d. Residual profit.
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...