The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: • Accrued salaries and wages (payable on January 5, 2021)- P660,000 • Payroll deductions for: o Income taxes withheld- P66,000 o SSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end?

The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: • Accrued salaries and wages (payable on January 5, 2021)- P660,000 • Payroll deductions for: o Income taxes withheld- P66,000 o SSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end?

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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