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?
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?
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?
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