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  3. part 5: payroll-on a separate sheet of paper, list

Part 5: Payroll-On a separate sheet of paper, list two taxes that are employee only,...

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Part 5: Payroll-On a separate sheet of paper, list two taxes that are employee only, two that are employer only, and two that are both employee and employer taxes. Extra credit: (Answer on this sheet). For each transaction, indicate the effect of the transaction on cash and net income. Consider only this transaction, not any related transactions that happened in the past or will happen in the future. Use INC if the transaction increases cash or net income, DEC if the transaction decreases cash or net income, or NE if the transaction does not affect cash or net income. Do not use +/-. These responses will not be graded. Transaction Effect on Cash Effect on Net Income Purchased inventory on account. Borrowed $10,000 from First National Bank. Paid $2,000 for a one-year insurance policy. Billed customers $5,000 for services provided. Customers paid $2,000 for amounts billed 3. in item #4

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