Required information Exercise 7-7 (Algo) Other accrued liabilities-payroll taxes LO 4 [The following information applies to the questions displayed below.] At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm's accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a - Horizontal Model Required: a-1. Use the horizontal model to show the effect of the accrual that should have been made as of March 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
Required information Exercise 7-7 (Algo) Other accrued liabilities-payroll taxes LO 4 [The following information applies to the questions displayed below.] At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm's accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a - Horizontal Model Required: a-1. Use the horizontal model to show the effect of the accrual that should have been made as of March 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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