Question: A company has gross payroll of 30 000 federal income tax

A company has gross payroll of $30,000; federal income tax withheld of $6,000; and FICA (social security) taxes and Medicare taxes withheld of $2,295.
1. How much will the balance sheet show for salaries payable (to employees)?
2. How much will the income statement show for salary expense?
3. What type of liability is salaries payable?

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  • CreatedSeptember 01, 2014
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