During the month of February, Bridgeport Corp's employees earned wages of $79,920. Withholdings related to these wages were $6,114 for FICA, $7,668 for federal income tax, and $2.052 for state income tax. Costs incurred for unemployment taxes were $119 for federal and $173 for state. Prepare a tabular summary to record on February 28 (a) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March (b) The company's payroll tax expense. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced)

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…