Accrued Expenses At December 31, 2016, accrued expenses primarily included $60.8 million and $24.7 million of...
Accrued Expenses
At December 31, 2016, accrued expenses primarily included $60.8 million and $24.7 million of accrued compensation and benefits and marketing expenses, respectively. At December 31, 2015, accrued expenses primarily included $63.8 million and $17.8 million of accrued compensation and benefits and marketing expenses, respectively.
- Prepare journal entries representative of the two adjusting entries recorded by Under Armour, Inc. for compensation and marketing expenses at December 31, 2016. Indicate the impact (é = increase, or ê = decrease) of the entries on the balance sheet and income statement categories.
Assume that in 2017, Under Armour, Inc. paid the compensation and marketing expenses accrued at the end of 2016. Prepare summary journal entries representing payment of the accrued expenses. Indicate the impact (é = increase, or ê = decrease) of the entries on the balance sheet and income statement categories.
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DATE |
ACCOUNT NAME |
DEBIT |
CREDIT |
BALANCE SHEET |
INCOME STMT |
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|
A |
= |
L |
+ |
Eq |
R |
- |
Ex |
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12/31/16 |
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12/31/16 |
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2017 |
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2017 |
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Homework Answers
| Date | Account Name | Debit | Credit | Balance Sheet | Income Statement | |||||||
| A | = | L | + | Eq | R | - | Ex | |||||
| 31/12/2016 | Accrued Compensation Expenses | $3,000,000.00 | Decrease | |||||||||
| Cash | $3,000,000.00 | Decrease | ||||||||||
| 31/12/2016 | Marketing Expenses | $6,900,000.00 | Decrease | Increase | ||||||||
| Accrued Marketing Expenses | $6,900,000.00 | Increase | ||||||||||
| 2017 | Accrued Compensation Expenses | $60,800,000.00 | Decrease | |||||||||
| Cash | $60,800,000.00 | Decrease | ||||||||||
| 2017 | Accrued Marketing Expenses | $24,700,000.00 | Decrease | |||||||||
| Cash | $24,700,000.00 | Decrease | ||||||||||
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Accrued Expenses
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