accrued salaries payable
Chapter3: Social Security Taxes
Section: Chapter Questions
Problem 9PB
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Question
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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