QUESTIONS (answer with solutions)A. Popcorn Company pays its employees' salaries bi-weekly. Occasionally,advances made to employees are paid back by payroll deductions.Information relating to salaries for the calendar year 2020 is as follows:31/12/201931/12/2020Employee advancesAccrued salaries payable12,000.0018,000.0015,000.00?Salaries expense during the year815,000.00Salaries paid during the year (gross)780,000.00At December 31, 2020, what amount should Popcorn company report foraccrued salaries payable?B. Face Company grants all employees two weeks paid vacation for eachfull year of employment. Unused vacation time can be accumulated andcarried forward to succeeding years, and will be paid at the salaries ineffect when vacations are taken or when employment is terminated.There was no employee turnover in 2020. Additional information relatingto the year ended December 31, 2020 is as follows:Liability for accumulated vacations at December 31, 201925,000.00Pre-2020 accrued vacations taken from January 1, 2020 to September 30,2020 (the authorized period for vacations)15,000.00Vacations earned for work in 2020 (adjusted to current rates)20,000.00Face company granted a 10% salary increase to all employees on October1, 2020, its annual salary increase date.For the year ended December 31, 2020, Face company should reportvacation pay expense of

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A. Popcorn Company pays its employees' salaries bi-weekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2020 is as follows: 31/12/2019 31/12/2020 Employee advances Accrued salaries payable 12,000.00 18,000.00 15,000.00 Salaries expense during the year 815,000.00 Salaries paid during the year (gross) 780,000.00 At December 31, 2020, what amount should Popcorn company report for accrued salaries payable?

A. Popcorn Company pays its employees' salaries bi-weekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2020 is as follows: 31/12/2019 31/12/2020 Employee advances Accrued salaries payable 12,000.00 18,000.00 15,000.00 Salaries expense during the year 815,000.00 Salaries paid during the year (gross) 780,000.00 At December 31, 2020, what amount should Popcorn company report for accrued salaries payable?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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