Question

{The following information applies to the questions displayed be/ow. Fighting Irish Incorporated pays its employees $3,220 every two weeks ($230/day). The current two-week pay period ends on December 28, 2018, and employees are paid $3,220. The next two-week pay period ends on January 11, 2019, and employees are paid $3,220. 3. Calculate the 2018 year- end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable befu adjustment in 2018 is $0).

Answer 1

Answer: $690

Explanation:

The 2018 year- end adjusted balance of Salaries Payable will be calculated as:

= January 1, 2018 balance + Adjustment on December 31, 2018

= $0 + $690

= $690

Note: Salaries accrued at December 31, 2018 will be:

= (Number of days from December 29 - 31) × Salary per day

= 3 × $230

= $690

Therefore, the balance on salaries payable is $690