Saturn Solartech has annual salary expense of ($ 450,000). In addition, Saturn incurs payroll tax expense equal
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Saturn Solartech has annual salary expense of \(\$ 450,000\). In addition, Saturn incurs payroll tax expense equal to \(10 \%\) of the total payroll. At December 31, Saturn owes salaries of \(\$ 8,000\) and payroll taxes of \(\$ 2,000\).
RequirementÂ
Show what Saturn will report for these facts on its income statement and year-end classified balance sheet.
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