Reference no: EM132710043
Question - 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.
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
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