Question
At December 31, 2016, accrued expenses primarily included $60.8 million and $24.7 million of accrued compensation and benefits and marketing expenses, respectively. At December 31,
At December 31, 2016, accrued expenses primarily included $60.8 million and $24.7 million of accrued compensation and benefits and marketing expenses, respectively. At December 31, 2015, accrued expenses primarily included $63.8 million and $17.8 million of accrued compensation and benefits and marketing expenses, respectively.
Prepare journal entries representative of the two adjusting entries recorded by Under Armour, Inc. for compensation and marketing expenses at December 31, 2016. Indicate the impact ( = increase, or = decrease) of the entries on the balance sheet and income statement categories.
Assume that in 2016 Under Armour, Inc. paid the compensation and marketing expenses accrued at the end of 2015. Prepare summary journal entries representing payment of the accrued expenses. Indicate the impact ( = increase, or = decrease) of the entries on the balance sheet and income statement categories.
DATE | ACCOUNT NAME | DEBIT | CREDIT | BALANCE SHEET A = L + Eq | INCOME STATEMENT R - Ex |
---|---|---|---|---|---|
12/16 | |||||
12/16 | |||||
2017 | |||||
2017 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started