Saturn Solartech has annual salary expenses of $550000. In addition, Saturn incurs payroll tax expense equal to 9% of total payroll. At 30 June, the end of the financial year, Saturn owes Salaries of $8000 and payroll tax of $2200.

Requirement Show what Saturn will report for these facts in its income statement and year-end classified balance sheet Saturn Solartech Income statement for the year ended 30 June Revenue Expenses What will Saturn Solartech report for these facts in the year end classified balance sheet? Saturn Solartech Balance sheet (partial) as at 30 June Assets Liabilities Current liabilities