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Joe Company’s salaried employees are paid 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:                                                   12/31/19           12/31/20 Employee advances                   P12,000             P18,000 Accrued salaries payable            91,000                     ? Salaries expense during the year                         910,000 Salaries paid during the year (gross)                    875,000 At December 31, 2020, what amount should Joe report for accrued salaries payable? a. P126,000 b. P108,000 c. P120,000 d. P35,000

Joe Company’s salaried employees are paid 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:                                                   12/31/19           12/31/20 Employee advances                   P12,000             P18,000 Accrued salaries payable            91,000                     ? Salaries expense during the year                         910,000 Salaries paid during the year (gross)                    875,000 At December 31, 2020, what amount should Joe report for accrued salaries payable? a. P126,000 b. P108,000 c. P120,000 d. P35,000

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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Joe Company’s salaried employees are paid 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:
                                                  12/31/19           12/31/20
Employee advances                   P12,000             P18,000

Accrued salaries payable            91,000                     ?
Salaries expense during the year                         910,000
Salaries paid during the year (gross)                    875,000
At December 31, 2020, what amount should Joe report for accrued salaries payable?
a. P126,000 b. P108,000 c. P120,000 d. P35,000

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