Answered: how the distribution of income.

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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Nabb & Fry Co. reports net income of $30,000. Interest allowances are Nabb $6,500 and Fry $4,500, salary allowances are Nabb $15,700 and Fry $10,400, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).)

Division of Net Income
	Nabb	Fry	Total
Salary allowance	$	$	$
Interest allowance
Remaining excess/deficiency
Total division of net income	$	$	$

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