14. CHESTNUT Company pays all salaried employees on a bi-weekly period (twice amonth). CHESTNUT accrued salaries expense only at its June 30 yearend. *Data relating to salaries incurred in June 2021 are as follows:• Last payroll was paid on June 25, 2021, for the two-week period ended June 25, 2021.Overtime pay earned by the employees in the two-week period ended June 25, 2021 wasP42,000.Remaining work days in 2021 were June 28, 29 and 30, on which there was no overtime.The recurring bi-weekly salaries total P750,000.Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should CHESTNUTreport as accrued salaries liability?P 450,000P 267,000P 492,000P 225,000

Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Answered: 14. CHESTNUT Company pays all salaried…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary. Required: Show entries for the year ended 31stDecember 2020: To record the outstanding December salary. As they would appear in the Statement of Profit and Loss. As they would appear in the Statement of Financial Position.
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Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Gross payroll| $19,738 Federal income tax withheld $2,900 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of Oa. $15,614.24 Ob. $19,738.00 Oc. $14,133.89 Od. $15,357.65
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The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar years 2018 and 2019 are as follows. On December 31, 2019, what amount should the company report as accrued salaries payable? a. P100,000 b. P94,000 c. P82,000 d. P35,000
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5
V corporation pays all salaried employees on a bi-weekly period (twice a month). V accrued salaries expense only at its June 30 yearend. Assuming a 5-day work week and a fiscal year ending June 30, 2021, how much should V report as accrued salaries liability? a ₱ 267,000 b ₱ 225,000 c ₱ 450,000 d ₱ 492,000

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