Business, 27.10.2021 23:10 eboniwiley

Potvin has an annual payroll of $190,000. Inâ€‹ addition, the company incurs payroll tax expense of 6â€‹% of the annual payroll. At December 31â€‹, Potvin owes salaries of $9,500 and FICA and other payroll tax of $550. The company will pay these amounts early next year. Requirement
Show what Potvin will report for the foregoing on its income statement for the year and on itsâ€‹ year-end balance sheet. â€‹(If an input field is not used in the table leave the fieldâ€‹ empty; do not select a label or enter aâ€‹ zero.)
Start with the income statement.
Income Statement Account Amount
Show what Boston will report on the year-end balance sheet. Balance Sheet Account Amount Current liabilities: Expenses: Long-term liabilities Payroll tax expense Payroll tax payable Revenues: Salary and wage expense Salary navable

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Potvin has an annual payroll of $190,000. Inâ€‹ addition, the company incurs payroll tax expense of...

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