During 2017, Many Miles Trucking paid a salary expense of $40 million. On December 31, Many Miles accrued a salary expense of $2 million.

QUESTION:

During 2017, Many Miles Trucking paid a salary expense of $40 million. On December 31, Many Miles accrued a salary expense of $2 million. Many Miles paid $1.9 million to its employees on January 3, 2018, the company’s next payday after the end of the 2017 year. For this sequence of transactions, show what Many Miles would include on its 2017 income statement and its balance sheet at the end of 2017?

ANSWER:

Income Statement 2017
Salary expense………… $40,000,000
  2,000,000
  $42,000,000
 Balance Sheet  2017
Accrued salary…………. $2,000,000
(Or salary payable)  
   

 

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