show what Jetway would report on its 20X8 income statement and on its balance sheet at the end of…
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(Learning Objective 2: Applying the matching principle and the time-period concept) During 20X8, Jetway Airlines paid salary expense of $40 million. At December 31, 20X8, Jetway accrued salary expense of $2 million. Jetway then paid $1.9 million to its employees on January 3, 20X9, the company’s next payday after the end of the 20X8 year. For this sequence of transactions, show what Jetway would report on its 20X8 income statement and on its balance sheet at the end of 20X8.
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