3. In analyzing the income statement, your client noted that no salaries to partners were listed as an expense even though they know that existing partners received a salary from the partnership. 4....

3. In analyzing the income statement, your client noted that no salaries to partners were listed as an expense even though they know that existing partners received a salary from the partnership.

4. Interest on a partner’s capital balance is used as a means of allocating profits; however, no such interest appears on the income statement.

Provide a response to each of your client’s observations regarding the partnership’s financial statements.