An asset is any item owned by a company.
Assets have a current and future value for
the company, which owns them. These
items are displayed on the balance sheet
only. Assets are listed as permanent
accounts that are never closed. Asset
Total payroll of Watson Co. was $920,000, of which $160,000 represented amounts paid in excess of $100,000 to certain employees. The amount paid to employees in excess of $7,000 was $720,000. Income taxes withheld were $225,000. The state unemployment tax