attached in ss below thanks for help2l4p62p62l6p24l6p4l2p6l4p64apaprpecaite it Penske has an annual payroll of $160,000. In addition, the company incurs payroll tax expense of 9% of the annual payroll. At December 31, Penske owes salaries of $7,900 and FICA and other payroll tax of $650. The company will pay theseamounts early next year.Requirement1. Show what Penske 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.Income Statement AccountAmountC

Given in the question: Annual Payroll Expenses = $160,000 Company incurs payroll tax expenses = 9%

1. Show what Penske 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.)

1. Show what Penske 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.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...

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aprpecaite it

Penske has an annual payroll of $160,000. In addition, the company incurs payroll tax expense of 9% of the annual payroll. At December 31, Penske owes salaries of $7,900 and FICA and other payroll tax of $650. The company will pay these
amounts early next year.
Requirement
1. Show what Penske 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.
Income Statement Account
Amount
C

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