Question

E9-3 (Static) Computing Payroll Costs; Discussion of Labor Costs LO 9-1 (The following information applies to the questions displayed below.] Oaks Company has completed the payroll for the month of January, reflecting the following data: Salaries and wages earned Employee income taxes withheld FICA payroll taxes* $ 86,000 10,000 6,000 "Assessed on both employer and employee (i.e., $6,000 each). E9-3 Part 2 2. List the liabilities and their amounts reported on the company's January 31 balance sheet, assuming the employees have been paid but that no transfers have been made to government agencies. OAKS COMPANY Balance Sheet Liabilities (Partial) As of January 31 Total

Answer 1

Prepare liabilities section as follows: A A Bc Oaks Company Balance Sheet Liabilities (Partial) As of January 31 4 Employee income taxes withheld liability $ 10,000 5 FICA payroll Taxes (Employer) $ 6,000 6 FICA payroll Taxes (Employee) $ 6,000 8 Total $ 22,000 For any queries related to format or any values please post in comment section, I would take that up. There may be slight variation in format.