Question

On December 31, 2016, BIG Company had accrued salaries of $6,400.
Required
a. Record in general journal format the adjustment required as of December 31, 2016.
b. Record the above adjustment in a horizontal statements model like the following one:
c. Determine the amount of net income BIG would report on the 2016 income statement, assuming that BIG received $36,000 of cash revenue. What is the amount of net cash flow from operating activities for 2016?
d. What amount of salaries payable would BIG report on the December 31, 2016, balance sheet?


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  • CreatedApril 20, 2015
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