On December 31, 2021, what amount should PO report for accrued salaries payable? *see attacheda. P 100,000b. P 94,000c. P 82,000d. P 35,000 PO Company's salaried employees are paid biweekly. Occasionally, advances made to employeesare paid back by payroll deductions. Information relating to salaries for the calendar year 2020 is asfollows:12/31/20P 12,00012/31/21P 18,000Employee advancesAccrued salaries payableSalaries expense during the yearSalaries paid during the year (gross)65,000?815,000780,000

Accrued expense are those expenses which are incurred by the company but yet to make the payment for…

Answered: On December 31, 2021, what amount…

On December 31, 2021, what amount should PO report for accrued salaries payable? *see attached a. P 100,000 b. P 94,000 c. P 82,000 d. P 35,000

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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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

Question

On December 31, 2021, what amount should PO report for accrued salaries payable? *see attached

a. P 100,000
b. P 94,000
c. P 82,000
d. P 35,000

PO Company's salaried employees are paid biweekly. Occasionally, advances made to employees
are paid back by payroll deductions. Information relating to salaries for the calendar year 2020 is as
follows:
12/31/20
P 12,000
12/31/21
P 18,000
Employee advances
Accrued salaries payable
Salaries expense during the year
Salaries paid during the year (gross)
65,000
?
815,000
780,000

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