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(Solution) - Penske Talent Search has an annual payroll of 190 000 In

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Penske Talent Search has an annual payroll of $190,000. In addition, the company incurs payroll tax expense of 8%.
At December 31, Penske owes salaries of $8,000 and FICA and other payroll tax of $750. The company will pay these amounts early next year.
Show what Penske will report for the foregoing on its income statement and year-end balance sheet.


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This question was answered on: Jul 11, 2017

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