The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar years 2018 and 2019 are as follows. On December 31, 2019, what amount should the company report as accrued salaries payable?    a. P100,000 b. P94,000 c. P82,000 d. P35,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar years 2018 and 2019 are as follows. On December 31, 2019, what amount should the company report as accrued salaries payable? 
 
a. P100,000
b. P94,000
c. P82,000
d. P35,000
December 31, 2018 December 31, 2019
Employee advances
P 12,000
P 18,000
Accrued salaries payable
65,000
Salaries expense during the year
815,000
Salaries paid during the year
780,000
Transcribed Image Text:December 31, 2018 December 31, 2019 Employee advances P 12,000 P 18,000 Accrued salaries payable 65,000 Salaries expense during the year 815,000 Salaries paid during the year 780,000
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