1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ExtremeBDS [4]
3 years ago
12

Which of the following statements is false? A. Cash dividends should be recorded as a liability when they are declared by the bo

ard of directors. B. FICA taxes withheld from employees' payroll checks should never be recorded as a liability since the employer will eventually remit the amounts withheld to the appropriate taxing authority. C. A company may exclude a short-term obligation from current liabilities if the firm intends to refinance the obligation on a long-term basis and demonstrates an ability to complete the refinancing. D. Under the cash basis method, warranty costs are charged to expense as they are paid.
Business
1 answer:
xenn [34]3 years ago
3 0

Answer:

The answer is: B) FICA taxes withheld from employees' payroll checks should never be recorded as a liability since the employer will eventually remit the amounts withheld to the appropriate taxing authority.

Explanation:

FICA taxes (or payroll taxes) are based on an employee's salary. Both employees and employer pay FICA taxes for Social Security and Medicare. Employers withhold these taxes from their employees' paychecks, and then pays them to the Internal Revenue Service (IRS).

You might be interested in
Which is an attribute of an effective organiation structure?
timofeeve [1]

Answer:

Attributes of an effective organization structure are given below.

1. An effective organizational structure facilitates attainment of objectives through proper coordination of all activities

2. In a effective organizational structure, the conflicts between individuals over jurisdiction are kept to a minimum

3. It eliminates overlapping and duplication of work.

4. It decreases likelihood of runarounds

5. It facilitates promotions of personnel

6. It aids in wage and salary administration

7. Communication is easier at all levels of organizational hierarchy

8. A well-structured organization provides a sound basis for effective planning

9. It results in increased cooperation and a sense of pride among members of the organization

10. It encourages creativity

7 0
3 years ago
Mountain Bikes, Inc. (MBI), and Nero enter into a contract for a sale of amountain bike. MBI, a merchant who deals in goods of t
elena-s [515]

Answer:

B) making warranties easier to understand.

Explanation:

The Magnuson Moss Warranty Act of 1975 governs consumer product warranties. Manufacturers are not required to offer product warranties, but when they do, they are required to provide clear and detailed information about warranty coverage. This law applies only to products, it doesn't apply to services.

3 0
3 years ago
Rob consumes two goods, x and y. He has an allowance of $50 per week and is not endowed with either of the goods. If the price o
anzhelika [568]

Answer:

B

Explanation:

Inferior good is a good whose demand decreases when income increases

The substitution effect looks at the change in price of a good relative to other goods.  When the price of good x increases, rob should increase consumption of good y and reduce that of good x if it were a normal good

The income effect looks at how a change in price affects real disposable income

5 0
3 years ago
Alpha Co. is paying a $.64 per share dividend today. There are 158,000 shares outstanding with a par value of $1 per share. As a
muminat

Answer:

Dividend paid = $0.64 x 158,000 = $101,120. The dividend paid reduces retained earnings by $101,120.

The correct answer is C

Explanation:

Dividend is paid out of profit after tax. This reduces the retained earnings of the company since dividend involves outflow of cash.

3 0
3 years ago
Manley operates a law practice on the accrual method and calendar year. at the beginning of the year manley's firm had an allowa
vazorg [7]

The bad debts expense signifies the straight write off of the bad accounts which is the $20,000 along with an increase in the allowance which is an approximation of the bad accounts to be written off in the future which is the $3,000. The growth in the allowance account cannot be subtracted.

4 0
3 years ago
Other questions:
  • Which of the following is not a disadvantage to inflation targeting?
    8·1 answer
  • On july 1 of the current calendar year, plum co. paid $7,500 cash for management services to be performed over a two-year period
    13·2 answers
  • Choose all that apply. Select all of the tools you could use to track your expenses.
    12·1 answer
  • Researchers in the National park Service conducted a survey to to estimate what the national parks are worth to Americans. The s
    5·1 answer
  • Assume that the company wanted to do some advertising in the states where the candidates were campaigning about the benefits of
    5·1 answer
  • Whited Products recently completed a 4-for-1 stock split. Prior to the split, its stock sold for $120 per share. If the firm's t
    5·1 answer
  • Larry is a hard-working college freshman. One Saturday, he decides to work nonstop until he has answered 200 practice problems f
    7·1 answer
  • Once Arnold Patel had decided he wanted to quit working as a Web designer for a large advertising agency and go into some kind o
    12·1 answer
  • On March 1 a dressmaker starts work on three custom-designed wedding dresses. The company uses job order costing and applies ove
    10·1 answer
  • Because of an accident Royce was involved in, his insurance company has increased his annual premium for auto insurance by 5. 2%
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!