Cole CoPays All Salaried Employees on a Biweekly Basis

question 29

Multiple Choice

Cole Co.pays all salaried employees on a biweekly basis.Overtime pay, however, is paid in the next biweekly period.Cole accrues salaries expense only at its December 31 year end.Data relating to salaries earned in December 2010 are as follows: Last payroll was paid on Dec/26/2010, for the two-week period ended Dec/26/2010.Overtime pay earned in the two-week period ended Dec/26/2010 was $5,000.
Remaining work days in 2010 were December 29, 30, 31, on which days there was no overtime.
The recurring biweekly salaries total $80,000.Assuming a five-day work week, Cole should record a liability at December 31, 2010 for accrued salaries of

• A)$24,000.
• B)$29,000.
• C)$48,000.
• D)$53,000.

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