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What amount should be reported as accrued salaries

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Reference no: EM132670038

Ayesha Company pays all salaried employees on a biweekly basis. Overtime pay however is paid in the next biweekly period. The entity accrues salaries expenses only at the December 31 year-end.

Data relating to salaries earned in December 2020 are:

  • Last payroll was pad on December 26, 2020 for the 2 week period ended December 26, 2020
  • Overtime pay earned for the 2 week period ended December 26, 2020 was P420,000
  • Remaining work days in 2020 were December 29,30 and 31 on which days there was no overtime.
  • The recurring biweekly salaries totaled P7,500,000.

Problem 1: Assuming a 5 day work week, what amount should be reported as accrued salaries payable on December 31, 2020?

A. 2,670,000

B. 4,500,000

C. 2,250,000

D. 4,920,000

Reference no: EM132670038

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