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Computer Project FINANCIAL REPORTING II - SUMMER 2021 As a recently hired accountant for Reeves Incorporated., you are provided with last year's balance sheet to familiarize yourself with the business. Reeves Incorporated Balance Sheet December 31, 2020 Assets Current Assets Cash Accounts Receivable Short-term Investments Inventories Prepaid Expenses Total Current Assets $1,054.312 123,200 738,054 578,366 82,310 $2,576,242 Property, plant and equip (net) Intangibles and other assets 832,400 692,175 Total Assets $4,100,817 Current Liabilities Accounts payable Short-term notes Other current liabilities Total Current Liabilities 69,210 131,870 200.574 $401,654 Long-term debt Total Liabilities 1,962,357 $2,364,011 Stockholders' Equity Common Stock Retained Earnings 1,421,300 315,506 Total Stockholder's Equity $1,736,806 Total liabilities + Stockholder's $4,100,817 3. Reeves Incorporated pays employees monthly. Payroll information is listed below for August 2021. Salaries $600,000 Federal income taxes to be withheld $125,000 Federal unemployment tax rate .60% State unemployment tax rate 5.4% Social Security tax rate 6.2% Medicare tax rate 1.45% Required: Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the August 2021 pay period