Perrin Talent Search has an annual payroll of $150,000. In addition, the company incurs payroll tax expense
Question:
Perrin Talent Search has an annual payroll of $150,000. In addition, the company incurs payroll tax expense of 8%. At December 31, Perrin owes salaries of $7,500 and FICA and other payroll tax of $700. The company will pay these amounts early next year. Show what Perrin will report for the foregoing on its income statement and year-end balance sheet.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 36% (11 reviews)
INCOME STATEMENT Expenses Payroll ...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
Question Posted:
Students also viewed these Accounting questions
-
On its income statement for a recent year, Time Warner reported a net loss of $4.9 billion from operations. On its statement of cash flows, it reported $5.3 billion of cash flows from operating...
-
Perform Talent Search has an annual payroll of $200,000. In addition, the company incurs payroll tax expense of 8%. At December 31, Perform owes salaries of $8,100 and FICA and other payroll tax of...
-
Potvin Talent Search has an annual payroll of $160,000. In addition, the company incurs payroll tax expense of 9%. At December 31, Potvin owes salaries of $7,900 and FICA and other payroll tax of...
-
Your organisation requires all new business documents be scanned and saved electronically once they are checked for accuracy. They also require that you update the database system with the new...
-
Arendal Ltd reported in a recent financial statement that approximately $12 million of merchandise was received on consignment. Should the company recognise this amount on its statement of financial...
-
What is hedge accounting?
-
Foreign Exchange Market Characteristics. With reference to foreign exchange turnover in 2013, rank the following: a. The relative size of spot, forwards, and swaps b. The five most important...
-
A bank sampled its customers to determine the proportion of customers who use their debit card at least once each month. A sample of 50 customers found that only 12 use their debit card monthly. Find...
-
uestion 11 ercentile is is a numerical summary for categoric common label on the vertical axis
-
A travel and tour company has two tables relating to customers: Families and Countries. Each tour offers a discount if a minimum number of people book at the same time. Write a query (sql oracle)to...
-
Worldwide Publishing completed the following transactions for one subscriber during 2012: Oct 1 Sold a one-year subscription, collecting cash of $2,400, plus sales tax of 9%. Nov 15 Remitted (paid)...
-
Assume that Cranmore Company completed the following note-payable transactions. Requirements 1. How much interest expense must be accrued at December 31, 2012? 2. Determine the amount of Cranmores...
-
Selected information taken from the financial statements of Wiley Company for two successive years follows. Compute the percentage change from year 1 to year 2 whenever possible. Round all...
-
ArrayList Objective: Create a Java program that models a music playlist, demonstrating the student's understanding of objects and ArrayList. Related SLOs: SLO #1: Use an appropriate programming...
-
***Need to modify Java Code below to help monitor the execution speeds of the matrix operations. PROJECT DESCRIPTION Examine the given program that performs matrix operations and then use some Java...
-
March 1 May 10 June 1 July 1 Issues 60,000 additional shares of $1 par value common stock for $57 per share. Purchases 5,500 shares of treasury stock for $60 per share. Declares a cash dividend of...
-
I CODE THIS WRONG, THE EXPECTED OUT IS 0,-1, but I keep getting -1,-1. Please fix this code for the expected output is 0, -1 import java.util.Stack; public class hwkp4 { // method that finds the...
-
What was one of your best days on the job? What's next for you in your career journey? What advice would you give to someone considering this job?
-
Which one of the following is not part of the change management process? A. Identify and request B. Evaluate change request C. Decision response D. Implement unapproved change E. Monitor change
-
suppose a nickel-contaminated soil 15 cm deep contained 800 mg/kg Ni, Vegetation was planted to remove the nickel by phytoremediation. The above-ground plant parts average 1% Ni on a dry-weight bas...
-
Work Problem P20-32A using the FIFO method. The Dyeing Department beginning work in process of 55 units is 40% complete as to conversion costs. Round equivalent unit of production costs to four...
-
Kopecky Corp. had the following balances in receivable accounts at October 31, 2012 (in thousands): Allowance for Doubtful Accounts $52; Accounts Receivable $2,910; Other Receivables $189; Notes...
-
The following is a list of activities that companies perform in relation to their receivables. 1. Selling receivables to a factor. 2. Reviewing company ratings in The Dun and Bradstreet Reference...
-
The following information was taken from the 2009 financial statements of FedEx Corporation, a major global transportation/delivery company. InstructionsAnswer each of the following questions.(a)...
-
! Required information Problem 9-1A (Algo) Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2024, Bloomfield...
-
18 Part 2 of 7 2 points eBook Required information a. The company estimates future uncollectible accounts. The company determines $4,800 of accounts receivable on January 31 are past due, and 20% of...
-
Revenue should not be recognized by a firm: Multiple Choice a, b and c are all correct statements Statement c: when cash is received if the accrual method is being used Statement b: normally before...
Study smarter with the SolutionInn App