Sheridan Company’s salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2021 is as follows: 12/31/20 12/31/21 Employee advances $ 24000 $ 37000 Accrued salaries payable 162000 ? Salaries expense during the year 1420000 Salaries paid during the year (gross) 1250000 At December 31, 2021, what amount should Sheridan report for accrued salaries payable? $125000. $175000. $332000. $170000.
Sheridan Company’s salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2021 is as follows: 12/31/20 12/31/21 Employee advances $ 24000 $ 37000 Accrued salaries payable 162000 ? Salaries expense during the year 1420000 Salaries paid during the year (gross) 1250000 At December 31, 2021, what amount should Sheridan report for accrued salaries payable? $125000. $175000. $332000. $170000.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...
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Sheridan Company’s salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2021 is as follows:
12/31/20 12/31/21
Employee advances $ 24000 $ 37000
Accrued salaries payable 162000 ?
Salaries expense during the year 1420000
Salaries paid during the year (gross) 1250000
At December 31, 2021, what amount should Sheridan report for accrued salaries payable?
$125000.
$175000.
$332000.
$170000.
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