During 2021, Blue Sky Airlines paid salary expense of $37.1 million. At December 31, 2021, Blue Sky accrued salary expense of $2.8 million. Blue Sky then paid $3.0 million to its employees on January 3, 2022, the company's next payday after the end of the 2021 year. For this sequence of transactions, show what Blue Sky would report on its 2021 income statement and on its balance sheet at the end of 2021. Complete the table below to show what Blue Sky would report on its 2021 income statement. (Enter amount in millions as provided to you in the problem statement, $X.X.) Income Statement account Salary Expense 2021 (amount in millions) Balance Sheet account 39.9 Complete the table below to show what Blue Sky would report on its 2021 balance sheet. (Enter amount in millions as provided to you in the problem statement, $X.X.) 2021 (amount in millions)

During 2021, Blue Sky Airlines paid salary expense of $37.1 million. At December 31, 2021, Blue Sky accrued salary expense of $2.8 million. Blue Sky then paid $3.0 million to its employees on January 3, 2022, the company's next payday after the end of the 2021 year. For this sequence of transactions, show what Blue Sky would report on its 2021 income statement and on its balance sheet at the end of 2021. Complete the table below to show what Blue Sky would report on its 2021 income statement. (Enter amount in millions as provided to you in the problem statement, $X.X.) Income Statement account Salary Expense 2021 (amount in millions) Balance Sheet account 39.9 Complete the table below to show what Blue Sky would report on its 2021 balance sheet. (Enter amount in millions as provided to you in the problem statement, $X.X.) 2021 (amount in millions)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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