CalCount Pays a Weekly Payroll of $85,000 That Includes Federal

question 44

Multiple Choice

CalCount pays a weekly payroll of $85,000 that includes federal taxes withheld of $12,700, FICA taxes withheld of $7,890, and pension withholdings of $9,000.What is the effect of assets and liabilities from this transaction?

• A)Assets decrease $85,000 and liabilities do not change.
• B)Assets decrease $64,410 and liabilities increase $20,590.
• C)Assets decrease $64,410 and liabilities decrease $20,590.
• D)Assets decrease $55,410 and liabilities increase $29,590.

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Definitions:

Major Forms

Principal or most significant types, categories, or variants of a particular subject or entity.

Matrilineal

A societal system in which lineage, inheritance, and social affiliation are traced through the mother's line.

Patrilineal

Relating to a societal system where lineage, inheritance, and social identity are primarily traced through the father's line.

Network of Relatives

The complex system of relationships among members of an extended family, including immediate family, cousins, in-laws, and other kin.