Perform Talent Search has an annual payroll of $200,000. In addition, the company incurs payroll tax expense

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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 $800. The company will pay these amounts early next year. Show what Perform will report for the foregoing on its income statement and year-end balance sheet.

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Financial accounting

ISBN: 978-0136108863

8th Edition

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

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