Grant Limited pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Grant 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 Dec 27, 2020, for the two-week period ended Dec 27, 2020.
Overtime pay earned in the two-week period ended Dec 27, 2020 was $ 7,000.
Remaining work days in 2020 were December 28, 29, 30, on which days there was no overtime.
The regular biweekly salaries total $ 100,000. Assuming a five-day work week, Grant should record a liability at December 31, 2020 for accrued salaries of

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The Answer of Grant Limited pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Grant 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 Dec 27, 2020, for the two-week period ended Dec 27, 2020.
Overtime pay earned in the two-week period ended Dec 27, 2020 was $ 7,000.
Remaining work days in 2020 were December 28, 29, 30, on which days there was no overtime.
The regular biweekly salaries total $ 100,000. Assuming a five-day work week, Grant should record a liability at December 31, 2020 for accrued salaries of

Grant Limited Pays All Salaried Employees on a Biweekly Basis