Question 5 of 260.5/ 1Nabb & Fry Co. reports net income of $28,000. Interest allowances are Nabb $7,300 and Fry $4,400, salary allowances are Nabb$14,100 and Fry $10,200, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the accountbalance then enter with a negative sign preceding the number e.g. -15,000 or parenthesls e.g. (15,000).)Division of Net IncomeNabbFryTotalSalary allowance24141002$102002$24300Interest allowance7300440011700Remaining excess/deficiencyTotal division of net income242$2$eTextbook and MediaSave for LaterAttempts: 1 of 10 usedSubmit Answer

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Question 5 of 26 0.5/1 Nabb & Fry Co. reports net income of $28,000. Interest allowances are Nabb $7,300 and Fry $4,400, salary allowances are Nabb $14,100 and Fry $10,200, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative slgn preceding the number eg. -15,000 or parenthesls e.g. (15,000).) Division of Net Income Nabb Fry Total Salary allowance 24 14100 2$ 10200 $4 24300 Interest allowance 7300 4400 11700 Remaining excess/deficiency Total division of net income %24 %24 24 eTextbook and Media

Question 5 of 26 0.5/1 Nabb & Fry Co. reports net income of $28,000. Interest allowances are Nabb $7,300 and Fry $4,400, salary allowances are Nabb $14,100 and Fry $10,200, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative slgn preceding the number eg. -15,000 or parenthesls e.g. (15,000).) Division of Net Income Nabb Fry Total Salary allowance 24 14100 2$ 10200 $4 24300 Interest allowance 7300 4400 11700 Remaining excess/deficiency Total division of net income %24 %24 24 eTextbook and Media

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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Question 7
21:12 1 Classroom 10. An increase in an expense is always recorded as a debit. True False 11. An account balance is the difference between total debits and total credits in an account. True O False 12. The owner's personal withdrawals for the year cause a decrease in profit. True O False
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Problem 5 Evaluate the following items, and determine the correct amount to report on the income statement for each, using the accrual basis of accounting for the referenced period of time. A Company had beginning accounts receivable of $16,000. The company reported cash basis revenues of $200,000. The ending accounts receivable amounted to $36,000. B Company purchased $50,000 of supplies. Supplies on hand decreased by $10,000 during the period. C Company started the year with no prepaid rent, and ended the year with $2,000 in prepaid rent. Rent expense on a cash basis was $26,000. Revenues Supplies Rent Equipment A the beginning of the year, D Company purchased and expensed an item of equipment for $40,000. The equipment has a 4-year life, and will be worthless after four years. There were no wages payable at the beginning of the year. E Company paid $290,000 in wages during the year, and owed an additional $24,000 at year's end. Wages Worksheet 5 Revenues Supplies Rent Equipment…