Answer:C.TINSTAAFL Rating
Explanation:
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.
Answer:
Net operating income will be $ 19630 ( greater ¢ ) if the ( underapplied ¢ J overhead is allocated among work in process, finished goods, and cost of goods sold rather than closed directly to cost of goods sold.
Explanation:
(Round your intermediate calculations and percentage values to 2 decimal places and final answers to the nearest dollar amount. Input the amount as positive value. Omit the "$" sign in your response.)
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Answer:
3. $600
Explanation:
The computation of the amount is shown below:
= Beginning balance of supplies + purchase made - supplies on hand
= $200 + $800 - $400
= $600
The year end increase in toy making supplies expense is $600
The journal entry would be
Supplies expense A/c Dr $600
To supplies A/c $600
(Being supplies account is adjusted)
