Which of the Following Items Would Not Be Included on a Balance

question 73

Multiple Choice

Which of the following items would not be included on a balance sheet?

• A)Balances owed on your utility bills
• B)Balances owed on your credit card(s)
• C)Mortgage payment paid
• D)Automobile loan balance
• E)Student loan balance

---

Definitions:

Salaries Payable

Salaries payable is an account that records the amounts owed to employees for work performed but not yet paid.

Employer's Payroll Tax Expense

Taxes that employers are required to pay on behalf of their employees, such as Social Security and Medicare taxes, often based on a percentage of the employees' wages.

Gross Payroll

The total amount of money paid by a business to its employees before any deductions are made.

Social Security Rate

The percentage rate at which income is taxed to fund a country's social security system, which usually provides retirement, disability, and survivor benefits.