The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: • Accrued salaries and wages (payable on January 5, 2021)- P660,000 • Payroll deductions for: o Income taxes withheld- P66,000 o SSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end?
The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: • Accrued salaries and wages (payable on January 5, 2021)- P660,000 • Payroll deductions for: o Income taxes withheld- P66,000 o SSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end?
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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The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020:
• Accrued salaries and wages (payable on January 5, 2021)- P660,000
• Payroll deductions for:
o Income taxes withheld- P66,000
o SSS contributions- P70,000
o PhilHealth contributions- P16,000
o Advances to employees- P70,000
How much is the total liability related to the payroll as of the year-end?
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