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 account balance then enter with a negative sign preceding the number eg. -15,000 or parenthesis eg. (15,000).) Salary allowance Interest allowance Remaining excess/deficiency s Nabb Division of Net Income S Fry S Total

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 account balance then enter with a negative sign preceding the number eg. -15,000 or parenthesis eg. (15,000).) Salary allowance Interest allowance Remaining excess/deficiency s Nabb Division of Net Income S Fry S 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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Nabb & Fry Co. reports net income of $30,000. Interest allowances are Nabb $7,300 and Fry $5,500, salary allowances are Nabb $14,300 and Fry $10,800, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negatlve slgn preceding the number e.g. -15,000 or parenthesls e.g. (15,000).) Division of Net Income Nabb Fry Total Salary allowance 24 $4 2$ Interest allowance Remaining excess/deficiency Total division of net income 2$
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