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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

p30

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? *
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education