In Its First Year of Operations,Jetway Airlines Incurred and Paid

question 51

Multiple Choice

In its first year of operations,Jetway Airlines incurred and paid Salaries Expense of $40 million.On December 31,it accrued an additional Salaries Expense of $2 million.What should Jetway report in the income statement and balance sheet for its first year ended December 31?

• A)Income statement: Salaries and Wages Expense $42 million;Balance sheet: Salaries and Wages Payable $2 million
• B)Income statement: Salaries and Wages Expense $40 million;Balance sheet: Salaries and Wages Payable $2 million
• C)Income statement: Salaries and Wages Expense $40 million;Balance sheet: Salaries and Wages Payable $0
• D)Income statement: Salaries and Wages Payable $2 million;Balance sheet: Salaries and Wages Expense $42 million

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Definitions:

Dominant Mutant Allele

A variant of a gene that is more potent in expressing its trait even in the presence of its normal counterpart.

Heterozygote Advantage

A phenomenon in which the heterozygous condition confers some special advantage on an individual that either homozygous condition does not (i.e., Aa has a higher degree of fitness than does AA or aa).

Chorionic Villus Sampling

A prenatal test where samples of the chorionic villi are taken to test for genetic disorders in the fetus.

Amniocentesis

Sampling of the amniotic fluid surrounding a fetus to obtain information about its development and genetic makeup. Compare with chorionic villus sampling.