Matrix accounting pays all salaried employees biweekly, Ask an Expert

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Matrix Accounting pays all salaried employees biweekly. Overtime pay, is paid in the next biweekly period. Matrix accrues salary expense only at its Dec 31 year end. Information about salaries earned in Dec 2009 is as follows:
• Last payroll was paid on Dec 28, 2009 for the two week period ended Dec 28,2009.
• Overtime pay earned in the two week period ended Dec 28, 2009, was $7,500.
• Remaining workdays in 2009 were Dec 29, 30, 31; no overtime was worked on these days.
• The regular bi-weekly salaries total $125,000.
Using a five-day workweek, what will Matrix's balance sheet show as salaries payable on Dec 31, 2009?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9982225

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