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DEFINE THE FICA TAX PAYABLE AND SUTA TAX PAYABLE
FICA TAX PAYABLE-OASDI. Same account is used to record both employees' and the employer's share. Credited to record taxes imposed, and debited when taxes are sent in.
FICA TAX PAYABLE-HI. Same account is used for employee and employer.
FUTA TAX PAYABLE. Used to record employer's obligation for federal unemployment taxes.
SUTA TAX PAYABLE. Current liability account to record employer's obligation for state unemployment taxes.
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
A company’s sales volume averages 4,000 units per year. Recently, its main competitor reduced the price of its product to $48. The company expects sales to drop dramatically
Market determines are useful for analyzing publicly traded corporations. Many of these calculates use stock price, which reflects the market's (public's) expectation for the compan
The balance sheet account as of July 31, 1995 for XYZ company are : Capital: (fix lib) 35,630 Office Equipment (ass) 16730 Delivery
Explain the business assets Withdrawal Withdrawal (Drawing) is removal of business assets for personal use by owner. This transaction decreases the asset taken and value of
Significance of Accounting Standards: Setting of Standards is an effort to standardize the reporting of accounting information across the country and also transversely the glob
What is differences in access to financial information Distinction between the two areas of accounting reflects, to some extent, differences in access to financial information.
What is the difference between financial statements prepared from the expanded accounting equation and those prepared from a trial balance?k question #Minimum 100 words accepted#
what does office stationery at year end classify as? asset or expense?
Q. What is Current liabilities? Current liabilities are debts due inside one year or one operating cycle whichever is longer. The payment of current liabilities usually require
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