On December 31, 2011, IBC Company had accrued salaries of ($ 9,600). Required a. Record in general

Question:

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.

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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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Fundamental Financial Accounting Concepts

ISBN: 978-0073527123

7th Edition

Authors: Thomas Edmonds

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Question Posted: May 15, 2024 08:00 AM

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On December 31, 2011, IBC Company had accrued salaries of ($ 9,600). Required a. Record in general

Question:

Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow Sal. Pay. + Ret. Earn.

Step by Step Answer:

Fundamental Financial Accounting Concepts

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