§605.2180. Account 218

Latest version.

a) In Note B of Account 218, "Proprietary Capital (for proprietorships and partnerships only)," delete the words "earned surplus" and replace with "retained earnings."

b) Add as Note C: "Amounts payable to the proprietor as just and reasonable compensation for services performed (that level of compensation which would be paid to an equally qualified non-proprietor employee in the same cirucumstances) shall not be charged to this account but to appropriate operating expense or other accounts."

                    
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