Coronado Industries pays all salaried employees on a biweekly basis. Overtime pay, however, is paid...
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Coronado Industries pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Coronado accrues salaries expense only at its December 31 year end. Data relating to salaries earned in December 2020 are as follows: Last payroll was paid on 12/26/20, for the 2-week period ended 12/26/20. Overtime pay earned in the 2-week period ended 12/26/20 was $25000 Remaining work days in 2020 were December 29, 30, 31, on which days there was no overtime The recurring biweekly salaries total $460000 Assuming a five-day workweek. Coronado should record aliability at December 31, 2020 for accrued salaries of $301000 $163000 $276000 $138000
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