Perrin Talent Search has an annual payroll of $150,000. In addition, the company incurs payroll tax expense

Question:

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.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial accounting

ISBN: 978-0132751124

9th edition

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

Question Posted: