Question: 2. Textbook page 587 (Ex E9-34B) Potvin Talent Search has an annual payroll of $160,000. In addition, the company incurs a payroll tax expense

2. Textbook page 587 (Ex E9-34B) Potvin Talent Search has an annual

2. Textbook page 587 (Ex E9-34B) Potvin Talent Search has an annual payroll of $160,000. In addition, the company incurs a payroll tax expense of 9%. At 31 December, Potvin owes salaries of $7,900 and payroll tax of $850. The company will pay these amounts early next year. Required Show what Potvin will report for the foregoing on its income statement and year-end balance sheet.

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