Nabb & Fry Co. reports net income of $28,200. Interest allowances are Nabb $7,40
ID: 2418891 • Letter: N
Question
Nabb & Fry Co. reports net income of $28,200. Interest allowances are Nabb $7,400 and Fry $4,400; salary allowances are Nabb $15,000 and Fry $10,800; the remainder is shared equally. Show the distribution of income on the income statement. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).)
Division of Net Income
Nabb
Fry
Total
Open Show Work
Division of Net Income
Nabb
Fry
Total
Salary allowance$
$
$
Interest allowance Remaining deficiency Total division of net income$
$
$
Explanation / Answer
Nabb Fry Total Salary allowance 15000 10800 25800 Interest allowance 7400 4400 11800 Remainder defeciency -4700 -4700 -9400 Total division of income 17700 10500 28200
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