Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: Accrued salaries and wages (payable on January

The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: Accrued salaries and wages (payable on January 5, 2021)-P660,000 Payroll deductions for: o Income taxes withheld- P66,000 o SSS contributions- P70,000 o PhilHealth contributions- P16,000 o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end? *

Step by Step Solution

3.46 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

Answer I Accrued salaries and wages payable on January 5 2021 P660000 ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

5th edition

9780470418239, 470239808, 9780470239803, 470418230, 978-1118128169

More Books

Students also viewed these Accounting questions