Potvin has an annual payroll of $140,000 in addition, the company incurs payroll tax expense of 7%
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Potvin has an annual payroll of $140,000 in addition, the company incurs payroll tax expense of 7% of the annual payroll at December 31, Potvin owes salaries of $ 8,300 and FICA and other payroll tax of $800 the company will pay these amounts early next year
Show what Potvin will report for the foregoing on its income statement and year-end balance sheet.
Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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