Explore BrainMass

Explore BrainMass

    Managing Payroll

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Suntrust bank has an annual payroll of $800,000. In addition, the bank incurs payroll tax expense of 9%. At December 31, the end of the bank's accounting year, Suntrust owes salaries of $7,000 and FICA and other payroll tax of $2,000. The bank will pay these amounts early next year.

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

    © BrainMass Inc. brainmass.com June 3, 2020, 11:25 pm ad1c9bdddf
    https://brainmass.com/business/business-management/managing-payroll-278331

    Attachments

    Solution Summary

    This solution discusses managing a payroll for Suntrust bank.

    $2.19

    ADVERTISEMENT