royal company pays all salaried employees biweekly overtime pay however is paid in 517028
E3-1 A. Account for salaries expense(.L O 1,2)
Royal Company pays all salaried employees biweekly. Overtime pay, however, is paid in
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the next biweekly period. Royal accrues salary expense only at its December 31 year-end.
Information about salaries earned in December 2007 is as follows:
· Last payroll was paid on December 26,2007 , for the 2-week period ended December 26, 2001.
· Overtime pay earned in the 2-week period ended December 26,2007 was $5,000.
· Remaining workdays in 2007 were December 29, 30,31; no overtime was worked on these days.
· The regular biweekly salaries total $90,000.
Using a 5-day workweek, what will Royal Company”s balance sheet show as salaries
payable on December 31,2007?
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