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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?

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?

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 8E
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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?

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