14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice a month). CHESTNUT accrued salaries expense only at its June 30 yearend. *Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT report as accrued salaries liability?A ₱ 267,000B ₱ 225,000C ₱ 450,000D ₱ 492,000 Data relating to salaries incurred in June 2021 are as follows:• Last payroll was paid on June 25, 2021, for the two-week period ended June 25, 2021.Overtime pay earned by the employees in the two-week period ended June 25, 2021 wasP42,000.Remaining work days in 2021 were June 28, 29 and 30, on which there was no overtime.The recurring bi-weekly salaries total P750,000.

The accrued liabilities are the liabilities that are due to be paid but not paid yet.

ued salaries expense only at its June 30 yearend. * Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT report as accrued salaries liability? A ₱ 267,000 B ₱ 225,000 C ₱ 450,000 D ₱ 492,000

ued salaries expense only at its June 30 yearend. * Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT report as accrued salaries liability? A ₱ 267,000 B ₱ 225,000 C ₱ 450,000 D ₱ 492,000

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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