Accounting homework
2007-10-16 16:18:59 · 3 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
If you're talking of staff compensation and benefits, the answer is both. Think of depreciation where the current yr's expense is in the income statement and the accumulated depreciation is in the balance sheet. So is it for accrued compensation.
The current yr's compensation expense is in the income statement and the accumulated accrual is in the balance sheet as a current liability.
But if your teacher wants a definite answer, then it's balance sheet because of the word "accrued".
2007-10-16 17:51:11 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
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Is the accrued compensation on the balance sheet or the income statement?
Accounting homework
2015-08-16 16:07:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Accrued Compensation
2016-09-30 07:28:43 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Accrued revenue (accrued asset)
This has multiple parts to look at.
The adjusting entry for this accrual, is a debit to accounts receivable and a credit to fees earned.
The accrued asset will be included in the balance sheet as an account receivable.
The accrued revenue will be included in the income statement as fees earned.
If these accounts were not adjusted, accounts receivable and capital would be understated on the balance sheet and fees earned and net income would be understated on the income statement.
2007-10-16 17:21:51 · answer #4 · answered by fivestring46 4 · 1⤊ 0⤋