Perrin Talent Search has an annual payroll of $150,000. In addition, the company incurs payroll tax expense
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Perrin Talent Search has an annual payroll of $150,000. In addition, the company incurs payroll tax expense of 8%. At December 31, Perrin owes salaries of $7,500 and FICA and other payroll tax of $700. The company will pay these amounts early next year. Show what Perrin will report for the foregoing on its income statement and year-end balance sheet.
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Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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