Report for the foregoing on its income statement, Accounting Basics

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Report for the foregoing on its income statement

Potvin Talent Search has an annual payroll of $160,000. In addition, the company incurs payroll tax expense of 9%. At December 31, Potvin owes salaries of $7,900 and FICA and other payroll tax of $850. The company will pay these amounts early next year.

Show what Potvin will report for the foregoing on its income statement and year-end balance sheet.

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Accounting Basics: Report for the foregoing on its income statement

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Accounting Basics: Report for the foregoing on its income statement

Reference No:- TGS065486

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Problem based on predetermined overhead rate

Q : Investors- venturers in accounting

Q : Determine the cost of land-land improvements and building

Q : Analyzing alternative plans for raising money

Q : Report for the foregoing on its income statement

Q : Phelps asset turnover ratio

Q : Quarterly income statement for the three month

Q : Proper accounting for restoration costs

Q : How much cash did haden receive

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Report for the foregoing on its income statement

Reference No:- TGS065486

Recent Questions Asked Accounting Basics

Q : Problem based on predetermined overhead rate

Q : Investors- venturers in accounting

Q : Determine the cost of land-land improvements and building

Q : Analyzing alternative plans for raising money

Q : Report for the foregoing on its income statement

Q : Phelps asset turnover ratio

Q : Quarterly income statement for the three month

Q : Proper accounting for restoration costs

Q : How much cash did haden receive

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