Nabb & Fry Co. reports net income of $29,000. Interest allowances are Nabb $6,400 and Fry $5,100, salary allowances are Nabb$15,500 and Fry $10.500, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the accountbalance then enter with a negative sign preceding the number eg-15,000 or parenthesis eg. (15,0001)Salary allowanceInterest allowanceRemaining excess/deficiencyTotal division of net incomeNabbDivision of Net IncomeFryTotal

The partnership comes into existence when two or more persons agree to do the business and further…

$15,500 and Fry $10.500, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the accou balance then enter with a negative sign preceding the number eg-15,000 or parenthesis eg. (15,0001) Salary allowance Interest allowance Remaining excess/deficiency Total division of net income Nabb Division of Net Income Fry Total

$15,500 and Fry $10.500, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the accou balance then enter with a negative sign preceding the number eg-15,000 or parenthesis eg. (15,0001) Salary allowance Interest allowance Remaining excess/deficiency Total division of net income Nabb Division of Net Income Fry Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A r Duilding G Cash Y H Z 1 Depreciation Expense AA J Dividends BB K Equipment EE L Federal Income Tax Withheld Payable FF M Federal Unemployment Taxes Payable GG N FICA Taxes Payable HH O Income Summary II P Income Taxes Payable JJ Q Interest Expense KK R Interest Payable LL S Land MM T Land Improvement NN Unearned Rent Revenue Cost of Goods Sold INOLES Payable Payroll Tax Expense Rent Revenue Example of Answer: G3000D B2000D GG5000C Retained Earnings Salaries and Wages Expense Sales Sales Returns Service Revenues Sales Taxes Payable Shipping Expense State Income Tax Withheld Payable State Unemployment Taxes Payable Supplies Tax Expense Where each box represents a journal entry line. In the first box, G denotes Cash account, 3000 is the amount, D stands for debit. In the second box: B denotes Accounts Receivable account, 2000 is the amount, D stands for debit. And in third box: GG denotes Service Revenues, 5000 is the amount, and C stands for credit. The letters are in the capital.…
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