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Siomai Company salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2021 is as follows: - Employee advances, Dec. 31, 2020 - P12,000 - Employee advances, Dec. 31, 2021 - P18,000 - Accrued salaries payable, Dec. 31, 2021- P100,000 Salaries expense during the year- P815,000 Salaries paid during the year (gross) 780,000 On December 31, 2020, what amount should Siomai report as accrued salaries pavable? *

Siomai Company salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2021 is as follows: - Employee advances, Dec. 31, 2020 - P12,000 - Employee advances, Dec. 31, 2021 - P18,000 - Accrued salaries payable, Dec. 31, 2021- P100,000 Salaries expense during the year- P815,000 Salaries paid during the year (gross) 780,000 On December 31, 2020, what amount should Siomai report as accrued salaries pavable? *

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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Siomai Company salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2021 is as follows: • Employee advances, Dec. 31, 2020 - P12.000 • Employee advances, Dec. 31, 2021 - P18,000 • Accrued salaries payable, Dec. 31, 2021- P100,000 • Salaries expense during the year- P815,000 • Salaries paid during the year (gross) 780,000 On December 31, 2020, what amount should Siomai report as accrued salaries payable? *
Transcribed Image Text:Siomai Company salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2021 is as follows: • Employee advances, Dec. 31, 2020 - P12.000 • Employee advances, Dec. 31, 2021 - P18,000 • Accrued salaries payable, Dec. 31, 2021- P100,000 • Salaries expense during the year- P815,000 • Salaries paid during the year (gross) 780,000 On December 31, 2020, what amount should Siomai report as accrued salaries payable? *
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