Key West has an annual payroll of $150,000. In addition, the company incurs payroll tax expense of
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Key West has an annual payroll of $150,000. In addition, the company incurs payroll tax expense of 10% of the annual payroll. At December 31, Key West owes salaries of $8,000 and FICA and other payroll tax of $1,000. The company will pay these amounts early next year. Show what Key West will report for the foregoing on its income statement for the year and on its year-end balance sheet.
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Related Book For 
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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