se only at its December 31 year-end. Data relating to salaries earned on December 2021 are as follows: A. Last payroll was paid on December 26, 2021for the 2-week period ended December 26, 2021. B. Overtime pay earned in the 2-week period ended December 26, 2021 was P5,000. C. Remaining work days in 2021 were December 29, 30, 31, on which days there was no overtime. D. The recurring biweekly salaries total P90,000

PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN:9781337619783
Author:BIEG
Publisher:BIEG
Chapter3: Social Security Taxes
Section: Chapter Questions
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Drew Company pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Drew accrues salaries expense only at its December 31 year-end. Data relating to salaries earned on December 2021 are as follows:
A. Last payroll was paid on December 26, 2021for the 2-week period ended December 26, 2021.
B. Overtime pay earned in the 2-week period ended December 26, 2021 was P5,000.
C. Remaining work days in 2021 were December 29, 30, 31, on which days there was no overtime.
D. The recurring biweekly salaries total P90,000
 
a. Assuming a five-day work week, D should record a liability at year end for accrued salaries:
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