Business, 20.12.2019 22:31 aidanfbussiness
On january 2, year 2, air, inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. air should have recorded this expense in year 1 but did not do so. air's reported income tax expense would have been $70,000 lower in year 1 had it properly accrued this deferred compensation. in its december 31, year 2 financial statements, air should adjust the beginning balance of its retained earnings by a
a. $230,000 credit.
b. $230,000 debit.
c. $300,000 credit.
d. $370,000 debit.
Answers: 3
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On january 2, year 2, air, inc. agreed to pay its former president $300,000 under a deferred compens...
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