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The employee's earnings record is a summary of the earnings of all employees for each
pay period.
The Income Statement and Balance Sheet columns of a work sheet are produced below.
Indicate with an "X" the specific Income Statement or Balance Sheet column(s) in
which each amount transferred from the Adjusted Trial Balance columns should be
placed, if at all.
Employer payroll taxes include FUTA, SUTA, and ____________________ taxes.
The income statement includes changes in owner's equity resulting from investments or
withdrawals of assets by the owner.
Unless an employer has only a few employees, manual systems can be inefficient.
If the debits in the Income Statement columns of the work sheet total $50,000 and the
credits total $60,000 before net income or net loss has been determined, the business
has a net income of $10,000.
Compensation for managerial or administrative services is called
____________________.
In the columns below, insert the entry that would be made for each transaction under
each accounting basis, using appropriate debit and credit account titles.
The 10-column work sheet is used to facilitate the preparation of the income statement,
the statement of owner's equity, and the balance sheet.
Prepaid Insurance is an expense account.
