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Buffalo has an annual payroll of $140,000. In addition, the company incurs payroll tax expense...

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Accounting

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Buffalo has an annual payroll of $140,000. In addition, the company incurs payroll tax expense of 12 % of the annual payroll. At December 31, Buffalo owes salaries of $9,500 and FICA and other payroll tax of $850. The company will pay these amounts early next year Requirement 1. Show what Buffalo will report for the foregoing on its income statement for the year and on its year-end balance sheet. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Start with the income statement Income Statement Account Amount Show what Buffalo will report on the year-end balance sheet Balance Sheet Account Amount Choose from any list or enter any number in the input fields and then continue to the next

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