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. * 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 was P42,000. 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. Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT report as accrued salaries liability?
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. * 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 was P42,000. 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. Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT report as accrued salaries liability?
Chapter3: Social Security Taxes
Section: Chapter Questions
Problem 10PA: The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due...
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choices are:
₱ 450,000
₱ 492,000
₱ 267,000
₱ 225,000
Transcribed Image Text: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. *
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 was
P42,000.
• 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.
Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUT
report as accrued salaries liability?
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