Employee benefits payable by the company

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Perth Talent Search has an annual payroll of $150,000. At December 31, 2017 Perth owes salaries of $7,300 of which employee withholdings payable are $1,700 and employee benefits payable by the company are $1,500. The company has calculated its share of Canada Pension Plan, Employment Insurance, and other employee benefits to be 4% of payroll expense. The company will pay these amounts early next year. Show what Perth will report for the foregoing on its 2017 income statement and its balance sheet at December 31, 2017. (please show your calculations to support the amounts reported)

Reference no: EM131571688

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