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, 20x1Overtime pay earned in the two-week period ended June 24, 20x1 was P 63,000.The recurring biweekly salaries total P 720,000In 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

The accrued salaries are the salaries that are earned during the period but not paid yet. These are…

Answered: S Corp. follows a 5-day (Monday-Friday)…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter11: Current Liabilities And Payroll

Section: Chapter Questions

Problem 4PB

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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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