Using the data from P8-2, indicate the effects on net assets and EPS of each of the following:
1. Recording the payroll.
2. Recording the payroll taxes.
3. Paying the payroll and payroll taxes.
Data from P8-2
The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.:

Tax rates assumed:
FICA tax, 7.5% of employee annual earnings
State unemployment (employer only), 42%
Federal unemployment (employer only), 0.8%

Salaries Deductions Sales salaries Employee Wages Office salaries $30,000 40,000 20,000 $90,000 Income tax withheld U.S. savings bonds Group insurance $17,000 2,000 6,000