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Nabb & Fry Co. reports net income of $25,00O. Interest allowances are Nabb $7,500 and Fry $4,600, salary allowances are Nabb $15,100 and Fry $10,400, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parenthesis eg. (15,000).) Division of Net Income Nabb Fry Total Salary allowance 2$ %24 Interest allowance Remaining excess/deficiency Total division of net income %$4 %24 %24

Nabb & Fry Co. reports net income of $25,00O. Interest allowances are Nabb $7,500 and Fry $4,600, salary allowances are Nabb $15,100 and Fry $10,400, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parenthesis eg. (15,000).) Division of Net Income Nabb Fry Total Salary allowance 2$ %24 Interest allowance Remaining excess/deficiency Total division of net income %$4 %24 %24

FINANCIAL ACCOUNTING
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 $25,000. Interest allowances are Nabb $7,500 and Fry $4,600, salary allowances are Nabb $15,100 and Fry $10,400, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parenthesis eg. (15,000).) Division of Net Income Nabb Fry Total Salary allowance 24 2$ $ Interest allowance Remaining excess/deficiency Total division of net income 2$ $4 $4
Transcribed Image Text:Nabb & Fry Co.reports net income of $25,000. Interest allowances are Nabb $7,500 and Fry $4,600, salary allowances are Nabb $15,100 and Fry $10,400, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parenthesis eg. (15,000).) Division of Net Income Nabb Fry Total Salary allowance 24 2$ $ Interest allowance Remaining excess/deficiency Total division of net income 2$ $4 $4
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