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please help complete income statment and balance sheet!! Great has an annual payroll of $160,000. In addition, the company incurs payroll tax expense of 8%
please help complete income statment and balance sheet!!
Great has an annual payroll of $160,000. In addition, the company incurs payroll tax expense of 8% of the annual payroll. At December 31. Great owes salaries of $8,400 and FICA and other payroll tax of $800. The company will pay these amounts early next year. Requirement 1. Show what Great will report for the foregoing on its income statement for the year and on its year-end balance sheet. (If an input field is not used in the table leave the field empty, do not select a label or enter a zero.) Start with the income statement Show what Great will report on the year-end balance sheet. Great has an annual payroll of $160,000. In addition, the company incurs payroll tax expense of 8% of the annual payroll. At December 31, Great owes salaries of $8,400 and FICA and other payroll tax of $800. The company will pay these amounts early next year. Requirement 1. Show what Great will report for the foregoing on its income statement for the year and on its year-end balance sheet. (If an input field is not used in the table leave the field empty, do not select a label or enter a zero.) Show what Great will report on the year-end balance sheet Step by Step Solution
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