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CAN YOU HELP SOLVE THIS PROBLEM VERY CLEARLY PLEASE On December 31, Year 1. BIG Company had accrued salaries of $11.450 Required a. Record in
CAN YOU HELP SOLVE THIS PROBLEM VERY CLEARLY PLEASE
On December 31, Year 1. BIG Company had accrued salaries of $11.450 Required a. Record in general journal format the adjustment required as of December 31, Year 1. (If no entry is required for a transaction/eves select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for salaries payable. Note: Enter debits before credits Date General Journal Debit Credit Record entry Clear entry View general Journal b. Show the effect of above adjustment in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.) BIG COMPANY Horizontal Statements Model for Year 1 Liabilities + Stockholders' Equity Income Statement Statement of Cash Flows Salaries Retained Revenue - Expenses - Net Income Payable Earnings Event Assets c-1. Determine the amount of net income BIG would report on the Year 1 income statement, assuming that BIG received $24,100 of cash revenue. Net income c-2. What is the amount of net cash flow from operating activities for Year 1? Net cash flow from operating activities d. What amount of salaries payable would BIG report on the December 31, Year 1. balance sheet? Salaries payable
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