If Total Revenues Are the Same as Total Expenses, Then

question 85

Multiple Choice

If total revenues are the same as total expenses, then a company has which of the following?

• A) a loss.
• B) a profit.
• C) neither a profit nor a loss.
• D) a decrease in shareholders' equity.

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Definitions:

Payroll Report

A detailed document containing all payroll transactions within a specific period, showing details such as gross wages, deductions, taxes withheld, and net pay.

Form W-2

An official document issued by employers in the United States to report an employee's annual wages and the amount of taxes withheld from their paycheck.

Federal Form 940

A United States tax form used by employers to report annual Federal Unemployment Tax Act (FUTA) tax.

Unemployment Tax

A tax paid by employers based on the total payroll and the unemployment claims filed by former employees, financing unemployment benefit programs.