Reference no: EM131808124

1) Nabb & Fry Co. reports net income of $28,000. Interest allowances are Nabb $5,600 and Fry $5,800; salary allowances are Nabb $14,700 and Fry $10,600; 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).)

2) Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Vopat and Sigma. Vopat's investment in the partnership consists of $11,240 in cash, and the following assets of the proprietorship: accounts receivable $14,690 less allowance for doubtful accounts of $2,071, and equipment $19,940 less accumulated depreciation of $4,050. It is agreed that the allowance for doubtful accounts should be $3,107 for the partnership. The fair value of the equipment is $13,065

3) Partners T. Greer and R. Parks are provided salary allowances of $30,000 and $25,000, respectively. They divide the remainder of the partnership income in a ratio of 3:2. If partnership net income is $40,000, how much is allocated to Greer and Parks