Any accountants in the room?? (NWR)

GR2010 Posted: Oct 04, 2009 10:49 PM

Any accountants in the room?? (NWR)

Is it possible for costs such as salaries or depreciation to end up as assets on the balance sheet?

I'm trying to finish my Managerial Accounting HW ... this is the first Accounting class I have ever had to take and OF COURSE it's while Im thisclose to finishing my MBA...

MrsSoto Posted: Oct 04, 2009 11:29 PM

Re: Any accountants in the room?? (NWR)

Hey Gina! Soo good to have met you and sat with you!!!!

Jenna- Jenna_and_John is an accountant, i would fm her

stinenandy2010 Posted: Oct 05, 2009 07:59 AM

Re: Any accountants in the room?? (NWR)

Salaries - No, they go on the income statement

Depreciation - Yes, they go on the balance sheet.

twein28 Posted: Oct 05, 2009 10:43 AM

Re: Any accountants in the room?? (NWR)

yes...accumulated depreciation and fixed assets on B/S. Depreciation expense on I/S. Salary accruals can go on b/s as a liability. the expense side is P &L.

AdriandSteve Posted: Oct 05, 2009 10:46 AM

Re: Any accountants in the room?? (NWR)

This is why I went for Psych. I just read, 'blah blah blah blah salaries'

Jenna_and_John Posted: Oct 05, 2009 10:51 AM

Re: Any accountants in the room?? (NWR)

Posted by twein28

yes...accumulated depreciation and fixed assets on B/S. Depreciation expense on I/S. Salary accruals can go on b/s as a liability. the expense side is P &L.

This is how I would explain it. It depends on how specific your category is.