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During 2020, Southeast Trucking paid salary expense of $41.2 million. At December 31, Southeast accrued salary expense of $2.2 million. Southeast paid $1.6 million
During 2020, Southeast Trucking paid salary expense of $41.2 million. At December 31, Southeast accrued salary expense of $2.2 million. Southeast paid $1.6 million to its employees on January 3, 2021, the company's next payday after the end of the 2020 year. For this sequence of transactions, show what Southeast would report on its 2020 income statement and on its balance sheet at the end of 2020. Complete the table below to show what Southeast would report on its 2020 income statement. (Enter amount in millions to one decimal place in the format X.X.) Income Statement: 2020
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