Reference no: EM133057943

Questions -

Q1. For the year 2019, P1,100,000 of wages expense was reported in the income statement. The previous year's statement of financial position reported P100,000 of wages payable. An analysis of the payroll records showed wage payments during the year of P950,000.

If the previous year's adjusting entry for unpaid wages was reversed on January 1, 2019, what is the amount of the adjusting entry for accrued wages payable on December 31, 2019?

Q2. RICH Company's salaried employees are paid biweekly. Advances made to employees are paid back by payroll deductions. Information relating to salaries follows:

12/31/2018 12/31/2019

Employee advances 240,000 360,000

Accrued salaries payable 400,000 ?

Salaries expense during the year 4,200,000

Salaries paid during the year (gross) 3,900,000

In RICH Company's December 31, 2019 statement of financial position, accrued salaries payable was ______________.