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
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 And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 5PB: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda449fe7-be79-417b-9797-e12ab7eff715%2Faeb25834-3fbc-4f6e-af58-d1c2c49273db%2Fw5jxhhd_processed.png&w=3840&q=75)
Transcribed Image Text: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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