On December 31, 2021, what amount should PO report for accrued salaries payable? *see attached a. P 100,000 b. P 94,000 c. P 82,000 d. P 35,000

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Chapter10: Liabilities: Current, Installment Notes, And Contingencies
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On December 31, 2021, what amount should PO report for accrued salaries payable? *see attached

a. P 100,000
b. P 94,000
c. P 82,000
d. P 35,000

PO 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 2020 is as
follows:
12/31/20
P 12,000
12/31/21
P 18,000
Employee advances
Accrued salaries payable
Salaries expense during the year
Salaries paid during the year (gross)
65,000
?
815,000
780,000
Transcribed Image Text:PO 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 2020 is as follows: 12/31/20 P 12,000 12/31/21 P 18,000 Employee advances Accrued salaries payable Salaries expense during the year Salaries paid during the year (gross) 65,000 ? 815,000 780,000
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