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he books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: Accrued salaries and wages (payable on January 5, 2021)- P660,000 Payroll deductions for: o Income taxes withheld- P66,000 o sSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the pavroll as of the vear-end? *

he books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: Accrued salaries and wages (payable on January 5, 2021)- P660,000 Payroll deductions for: o Income taxes withheld- P66,000 o sSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the pavroll as of the vear-end? *

FINANCIAL ACCOUNTING
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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The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: • Accrued salaries and wages (payable on January 5, 2021)- P660,000 • Payroll deductions for: o Income taxes withheld- P66,000 o sSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end? *
Transcribed Image Text:The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: • Accrued salaries and wages (payable on January 5, 2021)- P660,000 • Payroll deductions for: o Income taxes withheld- P66,000 o sSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end? *
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