During 2014, Many Miles Trucking paid salary expense of $40 million. At December 31, Many Miles accrued

Question:

During 2014, Many Miles Trucking paid salary expense of $40 million. At December 31, Many Miles accrued salary expense of $2 million. Many Miles paid $1.9 million to its employees on January 3, 2015, the company's next payday after the end of the 2014 year. For this sequence of transactions, show what Many Miles would include on its 2014 income statement and its at the end of 2014.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...