Since Furniture and Store Equipment for Billy's Boutique Will Be

question 28

Multiple Choice

Since furniture and store equipment for Billy's Boutique will be held or used for a period longer than one year,they are considered

• A) fixed assets.
• B) owners' equity.
• C) revenue.
• D) current assets.
• E) prepaid expenses.

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Definitions:

SUTA Payable

A liability account that records amounts owed for the state unemployment tax.

Social Security Administration

A U.S. government agency that administers social programs covering disability, retirement, and survivors' benefits, among others.

W-2

A W-2 form is a tax document issued by employers in the United States to employees, indicating the amount of wages paid and taxes withheld during the year.

W-3

A tax form used in the United States to summarize the total wages paid and taxes withheld for employees to the Social Security Administration.