Option c. A current liability is a correct answer. The amount of federal income taxes withheld from an employee's gross pay is recorded as a current liability
Under employment law, employers operate as intermediaries between employees and state and federal agencies. It is the obligation of employers to track and pay taxes, social security, and other payments from employee pay to government agencies.
The company must remit the amount withheld each quarter which means the amounts are owed in the current period. When taxes are paid, the FIT Payable account is debited to balance the transactions.
Option a) is incorrect as no asset is created by the withholding.
Option b) is incorrect as the taxes are not an expense paid by the company.
Option d) is incorrect as the payable operates as a normal liability account.
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Companies that try to act in a socially responsible way are likely to focus on such activities as increasing the diversity of their workforce, providing safety equipment and training for their workers using recyclable packaging.
<h3>How can companies act in a
socially responsible way ?</h3>
Companies that are trying to act in a socially responsible way would take steps to ensure that they protect labour, employ more minority groups and take steps to protect the environment. Companies that are trying to act in a socially responsible way often adopt ESG factors in their decision making processes.
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Answer:
Explanation:
The adjusting entries are shown below:
1. Insurance expense A/c Dr $1,200
To Prepaid insurance A/c $1,200
(Being prepaid insurance is adjusted)
2. Supplies expense A/c Dr $6,200
To supplies A/c $6,200
(Being supplies adjusted)
The supplies at the end of the year is computed below:
= Supplies account balance + purchase of supplies - available supplies
= $5,000 + $2,000 - $800
= $6,200
Answer:
Macbeth claimed that he had found the guards covered in the blood of King Duncan.
Explanation:
He further used this to explain how the sight drove him to a point of extreme grief and being so distraught he was overcome with the need to avenge the murder of his King. Using this false story, Macbeth was successful in diverting any suspicion from him without the need of potential suspects -meaning there would be no one to argue or prove their innocence if whoever was blamed for it was no longer living.
<h3>Hope this helps!</h3>
Answer:
The map of the current process is found in the attached
The minimum cycle time is 1 min 40 seconds
The longest cycle time is 2 min 35 seconds
The new minimum cycle is 1 min 15 seconds
The new longest cycle time is 2 mins
The potential problem that could surface from splitting the process is that once the customer has finished paying the customer has to wait for about 30 to 55 seconds before the second attendant finishes with packaging,hence ,a queue would likely be formed awaiting the second attendant.
The problem could be solved by ensuring the taking money and packaging takes the same time.
Explanation:
Minimum cycle time=20+55+25=100 seconds=1 minute 40 seconds
The longest cycle time=30+90+35=155 seconds=2 min 35 seconds
The new minimum cycle time=20+55=75 seconds=1 min 15 seconds
Taking customer's money also happened in the first 35 seconds of the 55 seconds above.
The new longest cycle time=30+90=120 seconds=2 mins
