E9-3 Part 2 2. List the liabilities and their amounts reported on the company's January 31 balance sheet, assuming the employees have been paid but that no transfers have been made to government agencies.

E9-3 Computing Payroll Costs; Discussion of Labor Costs LO9-1

[The following information applies to the questions displayed below.] Oaks Company has completed the payroll for the month of January, reflecting the following data:

Salaries and wages earned	$	103,000
Employee income taxes withheld		7,000
FICA payroll taxes*		6,500

*Assessed on both employer and employee (i.e., $6,500 each).

Required:

1-a. What was the total labor cost to the company? = 109,500

1-b. What was the amount of the employees' take-home pay? = 89,500

OAKS COMPANY
Balance Sheet Liabilities (Partial)
As of January 31
Total		$0