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:

Quality Standards

Benchmarks of excellence and guidelines that organizations aim to meet in their products, services, or processes.

Multidisciplinary Teams

Groups comprised of members from different academic and professional backgrounds, working collaboratively towards a common goal.

Small Changes

are minimal adjustments or modifications that can lead to significant improvements or results over time.

High-hope Individuals

People who possess a strong belief in their ability to achieve their goals, combined with the motivation and strategies to do so.