accrued salaries payable

PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN:9781337619783
Author:BIEG
Publisher:BIEG
Chapter3: Social Security Taxes
Section: Chapter Questions
Problem 9PB
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ABC Co.’s salaried employees are paid twice a month. Information relating to salaries for the calendar year 2021 is as follows:

  • Accrued salaries payable, Jan. 1 - P150,000
  • Salaries expense during the year - P2,450,000
  • Salaries paid during the year - P2,330,000


On December 31, 2021, what amount should ABC Co. report for accrued salaries payable?

 

Answer and explanation pls.

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