Nabb & Fry Co. reports net income of $30,000. Interest allowances are Nabb $6,000 and Fry $5,100, salary allowances are Nabb $15,100 and Fry $11,000, 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).) Salary allowance Interest allowance Remaining excess/deficiency Total division of net income $ $ Nabb Division of Net Income 15,100 6,000 17,500 $ $ Fry 11,000 5,100 12,500 $ $ Total 26,100 11,100 30,000

Nabb & Fry Co. reports net income of $30,000. Interest allowances are Nabb $6,000 and Fry $5,100, salary allowances are Nabb $15,100 and Fry $11,000, 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).) Salary allowance Interest allowance Remaining excess/deficiency Total division of net income $ $ Nabb Division of Net Income 15,100 6,000 17,500 $ $ Fry 11,000 5,100 12,500 $ $ Total 26,100 11,100 30,000

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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