Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid
What is liability?
Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.
In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.
The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.
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Missing options:
(A) assets. (B) liabilities. (C) salary expense. (D) revenue.
- Hey there , ronisha!
Answer:
- Full settlement generally means DISCOUNT ALLOWED.
- Firstly , Read out the question and try to understand. It says we purchased some stuffs of Rs 30000 from the sansee stores and we payed Rs 28000 in full settlement which implies that we received the discount of Rs 30000-28000 i.e Rs 2000.
- You must have known the rules for debit and credit. As we know In case of personal account , Debit : The receiver , We have sansee stores as the receiver so we placed it in debit side.
- Remember: When the question says that the cash is payed through cheque , you should always consider cheque as a bank. Now , In the case of personal account , Credit : The giver. Who's the giver? Of course , bank! So , we placed it in credit side.
- Now , In case of nominal account , Credit : the incomes or gains . The question says we received the discount so obviously it's not expenses. So, We placed discount received in credit side. You must have studied that Every debit should have equal credit. And we're done!
- Hope this helps! Please let me know if you have any questions regarding my answer and also don't hesitate to reach out to me if you need any other help! :)
Answer:
Results are below.
Explanation:
<u>First, we need to calculate the total cost of producing 2,900 units:</u>
Total cost= direct material + direct labor + allocated overhead
Total cost= (2*7)*2,900 + (0.5*16)*2,900 + [(0.5*16)*0.6]*2,900
Total cost= 40,600 + 23,200 + 13,920
Total cost= $77,720
<u>Now, the unitary standard cost:</u>
Unitary cost= total cost/number of units
Unitary cost= 77,720 / 2,900
Unitary cost= $26.8
Answer:
The correct answer is B,C,D,E
Explanation:
The basic activities of marketing consists of the following;
Marketing research and target market analysis, cost/benefit analysis, benchmarking - a process of measuring a business's performance and standard against competitors and rivals and thus conducive to winning in the marketplace, and Pricing, distribution, and human resource management (HRM).
Customer analysis, selling products and services, and product and service planning are also basic activities of marketing.
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