For Each of the Following, Identify in Column 1 the Category

question 84

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
- $$\begin{array} { | l | l | l | l | l | } \hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \begin{array} { l } \text { Accounts } \\\text { payable }\end{array} & & & & \\\hline\end{array}$$

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Definitions:

Payroll Taxes

Fees applied to employers and employees, typically based on a percentage of the salaries paid by employers to their employees.

Employer's Portion

The part of payroll taxes and benefits expenses that an employer is responsible for, as opposed to the portion paid by employees.

Gross Earnings

The total income earned by an individual or business before any deductions or taxes are applied.

Net Earnings

The profit determined after all expenses and taxes have been subtracted from total revenue.