S Corp. follows a 5-day (Monday-Friday) work-week. It pays its salaried employees on a bi-weekly basis every other Friday. Overtime pay, however, is paid in the next biweekly period. S Corp. accrued salaries expenses only at its June 30 fiscal year. Data relating to salaries earned in June 20x1 were as follows: Last payroll was paid on June 24, 20x1 for the two-week period June 24, 20x1 Overtime pay earned in the two-week period ended June 24, 20x1 was P 63,000. The recurring biweekly salaries total P 720,000 In the remaining workdays of June, overtime pay earned amounted to P 18,000. How much is Pink Corp.’s accrued salaries on June 30, 20x1? A. P 288,000 P 297,000 C. P 351,000 D. P 369,000
S Corp. follows a 5-day (Monday-Friday) work-week. It pays its salaried employees on a bi-weekly basis every other Friday. Overtime pay, however, is paid in the next biweekly period. S Corp. accrued salaries expenses only at its June 30 fiscal year. Data relating to salaries earned in June 20x1 were as follows: Last payroll was paid on June 24, 20x1 for the two-week period June 24, 20x1 Overtime pay earned in the two-week period ended June 24, 20x1 was P 63,000. The recurring biweekly salaries total P 720,000 In the remaining workdays of June, overtime pay earned amounted to P 18,000. How much is Pink Corp.’s accrued salaries on June 30, 20x1? A. P 288,000 P 297,000 C. P 351,000 D. P 369,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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S Corp. follows a 5-day (Monday-Friday) work-week. It pays its salaried employees on a bi-weekly basis every other Friday. Overtime pay, however, is paid in the next biweekly period. S Corp. accrued salaries expenses only at its June 30 fiscal year. Data relating to salaries earned in June 20x1 were as follows:
- Last payroll was paid on June 24, 20x1 for the two-week period June 24, 20x1
- Overtime pay earned in the two-week period ended June 24, 20x1 was P 63,000.
- The recurring biweekly salaries total P 720,000
- In the remaining workdays of June, overtime pay earned amounted to P 18,000.
How much is Pink Corp.’s accrued salaries on June 30, 20x1?
A. P 288,000 P 297,000 C. P 351,000 D. P 369,000
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