Question: Why are amounts with-held from employees pay considered liabilities of the employer?

Why are amounts with-held from employees’ pay considered liabilities of the employer?

Step by Step Solution

★★★★★

3.49 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Amounts withheld from an employees pay are a liability be... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

264-B-A-L (3189).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

Why might an organization choose to pay employees more than the market rate? Why might it choose to pay less? What are the consequences of paying more or less than the market rate?

Q:

Why are owners equity and liabilities considered the sources of assets?

Q:

Why might current liabilities be considered a spontaneous source of funding for a firm?

Q:

PLEASE NOTE THIS IS ONE QUESTION WITH TWO DIFFERENT SUB-QUESTIONS: Required information Other Current Liabilities Read the overview below and complete the activities that follow. In addition to trade...

Q:

CDDNes nat TOHOW In addition to trade accounts payable, many companies have other types of current liabilities. These include amounts withheld from employees' pay, sales and other taxes payable,...

Q:

! Required information Other Current Liabilities [ The following information applies to the questions displayed below. ] In addition to trade accounts payable, many companies have other types of...

Q:

Please complete this homework assignment (multiple choice). Name ___________________________________________ Date ________________ Final Examination UGBA XBW102A: Introduction to Financial Accounting...

Q:

Please do this practice assignment paper for me. Name ___________________________________________ Date ________________ Final Examination UGBA XBW102A: Introduction to Financial Accounting Section:...

Q:

Use the table below to answer the question. Wages and salaries expense (gross pay) Amounts withheld from employees' pay: $2,250,000 Income taxes $170,000 Social Security and Medicare $150,000 320,000...

Q:

Shown below is a summary of the annual payroll data of Rose Co.: Wages and salaries expense (gross pay)................. $3,250,000 Amounts withheld form employees pay: Income...

Q:

A particle starts moving in a plane with constant tangential acceleration a= 2 m/s and normal acceleration a, = tf. The acceleration of the particle is 25 m/s after having covered a distance S = X...

Q:

Which of the following describes the process of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers? A....

Q:

Evaluate the indefinite integral. e t 2 6 t 2 d t C

Q:

The Mach number downstream of a shock wave in helium is 0.85, and the static temperature is 110C. Calculate the velocity upstream of the wave.

Q:

What factors influence the channel structures and strategies available to global marketers?

Q:

Find Vo in the network in Figure P8.34 j1G2 j10 12 IQ 1020A 1020A 2 Figure P8.34

Q:

The winch takes in cable at the rate of 200 mm /s, and this rate is momentarily increasing at 500 mm /s each second. Determine the tensions in the three cables. Neglect the weights of the pulleys. 2...

Q:

Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical...

Q:

According to you what specific steps are to be taken by Akshay to tackle the problem of rising attrition rate?

Q:

On January 1, 2018, Moore, a fast-food company, had a balance in its Cash account of $45,800. During the 2018 accounting period, the company had (1) net cash inflow from operating activities of...

Q:

All-Star Automotive Company experienced the following accounting events during 2018: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the...

Q:

Dakota Company experienced the following events during 2018: 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided...

Q:

23. The Star Youth Soccer Club helps to support its 20 boys and girls teams financially, primarily through the payment of coaches. The club puts on a tournament each fall to help pay its expenses....

Q:

Tapley Inc. currently has total capital equal to $10 million, has zero debt, is in the 40% federal-plus-state tax bracket, has a net income of $3 million, and pays out 40% of its earnings as...

Q:

Southern Alliance Company needs to raise $55 million to start a new project and will raise the money by selling new bonds. The company will generate no internal equity for the foreseeable future. The...