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At March 31, 2016, the end of the first year of operations at Lukancic, Inc., the firms accountant neglected to accrue payroll taxes of $6,654
At March 31, 2016, the end of the first year of operations at Lukancic, Inc., the firms accountant neglected to accrue payroll taxes of $6,654 that were applicable to payrolls for the year then ended.
Determine the income statement and balance sheet effects of not accruing payroll taxes at March 31, 2016.
Effect on expense
Effect on net income
Effect on current liabilities
Effect on retained earnings
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