Nabb & Fry Co

Accounting Oct 26, 2020

Nabb & Fry Co. reports net income of $26,000. Interest allowances are Nabb $5,500 and Fry $5,800, salary allowances are Nabb $14,700 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 e.g. -15,000 or parenthesis e.g. (15,000).)

Division of Net Income

Nabb Fry Total

Salary allowance $? $? $?

Interest allowance $? $? $?

Remaining excess/deficiency $? $? $?

Total division of net income $? $? $?

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