how the distribution of income.
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).)
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Division of Net Income
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Nabb
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Fry
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Total
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| Salary allowance |
$
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$
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$
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|||
| Interest allowance |
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|
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| Remaining excess/deficiency |
|
|
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|||
| Total division of net income |
$
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$
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$
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