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What amount of salaries should be accrued as at December

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Problem 1 - Gallery Department Store sells gift certificates, redeemable for store merchandise that expires one year after their issuance. Gallery has the following information pertaining to its gift certificates sales and redemptions:

Unearned at December 31, 2020 500,000

2021 Sales 2,500,000

2021 redemption of prior year sales 300,000

2021 redemption of current year sales 1,400,000

1. How much is the balance of the unearned gift certificates payable as of December 31, 2021?

Problem 2 - Shem Company pays all its employees on a biweekly basis. Overtime pay, however is paid the following biweekly period. Shem Company accrues salaries expenses every period. Data

1. The last payroll was paid on December 26, 2020. Which was also the last day of the first bi-weekly period.

2. Overtime earned in the biweekly period ending December 26, 2020 was P20,000.

3. Remaining work days for 2020 were 27, 28 and 29. Overtime earned was P10,000 during this period.

4. The recurring biweekly salaries is P195,000.

The company has a 5-day workweek.

1. What amount of salaries should be accrued as at December 31, 2020?

Reference no: EM132826304

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