The following items are related to RED's payroll as of December 31, 2021: Accrued Salaries and Wages 776,000 Payroll deductions for: Income taxes withheld 56,000 SSS Contributions 64,000 Phil health Contributions 16,000 Advances to Employees 80,000 Required: How much is to be recognized as current liability?
The following items are related to RED's payroll as of December 31, 2021: Accrued Salaries and Wages 776,000 Payroll deductions for: Income taxes withheld 56,000 SSS Contributions 64,000 Phil health Contributions 16,000 Advances to Employees 80,000 Required: How much is to be recognized as current liability?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following items are related to RED's payroll as of December 31, 2021:
Accrued Salaries and Wages 776,000
Payroll deductions for:
Income taxes withheld 56,000
SSS Contributions 64,000
Phil health Contributions 16,000
Advances to Employees 80,000
Required: How much is to be recognized as current liability?
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