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zaharov [31]
3 years ago
12

Crane incurs a weekly payroll of $251000 that includes federal taxes withheld of $38200, FICA taxes withheld of $23970, and 401(

k) withholdings of $27300. What is the effect on assets and liabilities from recording this transaction? (Ignore company payroll taxes).
Business
1 answer:
Salsk061 [2.6K]3 years ago
8 0

Answer:

First let us define the nature of each of the following as per Balance sheet of a company:

Payroll payable- Liability

FICA taxes withheld- Liability

Federal taxes- Liability

410(k)- Liability

Explanation:

Effect of Transaction on assets and liabilities:

  • Payroll expense Debit will have no impact
  • Payroll payable, Federal taxes, FICA and 401(k) will increase the current liability.
  • And when they are subsequently paid, cash will be credited hence decreasing the current assets and all these current liabilities shall be debited, hence decreasing the current liability portion.
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