Ask Question
BusinessBusiness
22 November, 07:21

reducto co. pays a weekly payroll of $97,000 that includes federal taxes withheld of 12,700 fica taxes withheld of 7260, and retirement withholdings of 6,000. what is the effect on assets and liabilities from this transaction

+2
Answers (1)
  1. 22 November, 09:44
    0
    Assets decrease $71,040 and liabilities increase $25,960

    Explanation:

    A decrease in an asset (which is an offset by either an increment in another asset, a reduction in a particular equity account or liability, or a boost in an expense.)

    Increasing assets (indications to prove the growth of the company, but everybody can acknowledge to the fact that there are a lot more behind the scenes which is more than just looking at the assets.)

    Decrease in assets = $97,000 - $12,700 - $7,260 - $6,000 = $71,040

    Increase in assets = $12,400 + $7,290 + $6,000 = $25,960
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “reducto co. pays a weekly payroll of $97,000 that includes federal taxes withheld of 12,700 fica taxes withheld of 7260, and retirement ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following statements is true of the current ratio? The larger the current ratio, the harder it is for the firm to pay its short-term debts. A current ratio below 1.
Answers (1)
Short Corporation acquired Hathaway, Inc., for $52,000,000. The fair value of all Hathaway's identifiable tangible and intangible assets was $48,000,000. Short will amortize any goodwill over the maximum number of years allowed.
Answers (1)
Which of the following real estate investments involves purchasing real estate and selling it for profit within a short period of time? A. Leasing through REI B. Flipping C. Renting D. Remodeling 2b2t
Answers (2)
Jand, Inc., currently pays a dividend of $1.24, which is expected to grow indefinitely at 5%. If the current value of Jand's shares based on the constant-growth dividend discount model is $30.16, what is the required rate of return?
Answers (1)
Which person is responsible for the financial support of the production and, working closely with the director, also contributes to many "directorial" decisions in the production process?
Answers (1)
New Questions in Business
A firm supplies aircraft engines to the government and to private firms. It must decide between two mutually exclusive contracts. If it contracts with a private firm, its profit will be $2 million, $1 million, or - $1 million with probabilities. 25,.
Answers (1)
Important business data that is not known to the public is considered what type of information?
Answers (1)
On january 1, applied technologies corporation (atc) issued $510,000 in bonds that mature in 10 years. the bonds have a stated interest rate of 8 percent. when the bonds were issued, the market interest rate was 8 percent.
Answers (1)
What is strategy implementation what questions must strategy makers consider to begin the imlimentation process?
Answers (1)
Suppose that due to a poor economy, 1 million workers lost their jobs, causing the unemployment rate to increase to 10%. After a few months of searching, 300,000 of these unemployed workers give up looking for work.
Answers (1)
Home » Business » reducto co. pays a weekly payroll of $97,000 that includes federal taxes withheld of 12,700 fica taxes withheld of 7260, and retirement withholdings of 6,000. what is the effect on assets and liabilities from this transaction
Sign Up Forgot Password?