Which of the Following Is Included in the Entry to Record

question 86

Multiple Choice

Which of the following is included in the entry to record the employer's payroll taxes?

• A) A debit to State unemployment tax payable
• B) A credit to Payroll tax expense
• C) A credit to FICA tax payable
• D) A credit to Salary payable to employees

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Definitions:

Measured At Cost

An accounting principle where an asset is recorded on the balance sheet based on its original purchase price, including all costs necessary to get it ready for its intended use.

Consolidated Financial Statements

Financial statements of a group in which the assets, liabilities, equity, income, expenses, and cash flows of the parent company and its subsidiaries are presented as those of a single economic entity.

Held For Sale

A designation for assets or groups of assets and liabilities that a company intends to sell within one year from the date of classification.