Question 7 4 pts KASE accrues Salaries Expense at the end of every month and pays out employees on the 2nd of the following month What would the Income Statement effect be if KASE forgets to pay the employee on the 2nd? The Income Statement is overstated The Income Statement is understated The Income Statement would be unaffected Question 8 4 pts KASE has 4 work weeks in April, 4.5 work weeks in May, and 4.2 work weeks in June. Monthly salaries are paid out at the 2nd of every month. Liz is an employee of KASE Liz's annual Salary is 55,590. Her weekly salary is determined by dividing her annual salary by 52 weeks. Assuming the taxes collected are Federal Income Tax of 20%, State Income Tax of 10%, and FICA Social Security Tax of 5%, a PTO Benefit of two weeks were awarded to Liz in April, and Liz took a 2 week vacation in June, what was the Salaries Payable amount recorded when June Salaries Expense were accrued for? Warning: When doing calculations, it is recommended to use Excel. If you are calculating by hand, do not round to the nearest whole number until you get to the final answer Enter your answer as rounded to the nearest whole number, for example: if the answer is 100, enter 100 if the answer is 100.49, enter 100 if the answer is 100.5, enter 101