Show Attempt History Current Attempt in Progress Your answer is partially correct. Nabb & Fry Co. reports net income of $25,000. Interest allowances are Nabb $5,000 and Fry $4,000, salary allowances are Nabb $14,000 and Fry $10,000, 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 eg.-15,000 or parenthesis eg. (15,000).) Division of Net Income Salary allowance Interest allowance Remaining excess/deficiency Total division of net income $ eTextbook and Media Save for Later Nabb 14000 $ 5000 Fry 10000 $ 4000 $ Total 24000 9000 Attempts: 3 of 4 used Submit Answer

Show Attempt History Current Attempt in Progress Your answer is partially correct. Nabb & Fry Co. reports net income of $25,000. Interest allowances are Nabb $5,000 and Fry $4,000, salary allowances are Nabb $14,000 and Fry $10,000, 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 eg.-15,000 or parenthesis eg. (15,000).) Division of Net Income Salary allowance Interest allowance Remaining excess/deficiency Total division of net income $ eTextbook and Media Save for Later Nabb 14000 $ 5000 Fry 10000 $ 4000 $ Total 24000 9000 Attempts: 3 of 4 used Submit Answer

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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