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22nd Edition
ISBN: 9780077632878
Author: Wild
Publisher: MCG
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Chapter 11, Problem 7DQ
To determine

Concept Introduction:

A payroll tax can be defined as the tax which an employer withholds on the behalf of the employee and pays to the authorities on his behalf.

To determine:

Payroll taxes which are a responsibility of the employee and the employer

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Vanguard Enterprises prepared its financial statements for 2020 based on the information below. The company had cash of $2,300, inventory of $19,400, and accounts receivables of $8,100. The company's net fixed assets were $55,000, and other assets were $4,500. It had accounts payable of $13,700, notes payable of $5,500, common stock of $30,000, and retained earnings of $17,200. How much long-term debt did the firm have?
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Chapter 11 Solutions

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