Recording accrued salaries and identifying their effect on financial statementsOn December...
Recording accrued salaries and identifying their effect on financial statements
On December 31, 2011, IBC Company had accrued salaries of $9,600.
Required
a. Record in general journal format the adjustment required as of December 31, 2011.
b. Record the above adjustment in a horizontal statements model like the following one.
c. Determine the amount of net income IBC would report on the 2011 income statement, assuming that IBC received $12,000 of cash revenue. What is the amount of net cash flow from operating activities for 2011?
d. What amount of salaries payable would IBC report on the December 31, 2011, balance sheet?
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