Pillar has an annual payroll of $135,000. In addition, the company incurs payroll tax expense of 8% of the annual payroll. At December 31, Pillar owes salaries of $9,500 and FICA and other payroll tax of $700. The company will pay these amounts early next year. Requirement 1. Show what Pillar 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 27

Pillar has an annual payroll of $135,000. In addition, the company incurs payroll tax expense of 8% of the annual payroll. At December 31, Pillar owes salaries of $9,500 and FICA and other payroll tax of $700. The company will pay these amounts early next year. Requirement 1. Show what Pillar 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 27

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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