Qualpoint pays a weekly payroll of $170,000 that includes federal taxes withheld of $25,400, FICA taxes...
Qualpoint pays a weekly payroll of $170,000 that includes federal taxes withheld of $25,400, FICA taxes withheld of $15,780, and 401(k) withholdings of $18,000. What is the effect of assets and liabilities from this transaction?
a. Assets decrease $170,000 and liabilities do not change.
b. Assets decrease $128,820 and liabilities increase $41,180.
c. Assets decrease $128,820 and liabilities decrease $41,180.
d. Assets decrease $110,820 and liabilities increase $59,180.
Homework Answers
a)
Asset decreases by = Gross Wages - federal taxes withheld - FICA taxes withheld - 401(k) withholdings
Asset decreases by = 170000-25400-15780-18000
Asset decreases by = 110820
Liability Increase by = federal taxes withheld + FICA taxes withheld + 401(k) withholdings
Liability Increase by = 25400 + 15780+18000
Liability Increase by = $ 59,180
Answer
d. Assets decrease $110,820 and liabilities increase $59,180.
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