question archive Chippy Company's salaried employees are paid biweekly
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Chippy 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 2015 is as follows: 12/31/14 12/31/15
Employee advances P12,000 P 18,000
Accrued salaries payable 65,000 ?
Salaries expense during the year 650,000
Salaries paid during the year {gross} 625,000
At December 31, 2015, what amount should Chippy report for accrued salaries payable?
a. P90,000.
b. P84,000.
c. P72,000.
d. P25,000.
Answer:
C, P 72,000
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