The entry to reverse the adjusting entry for accrued payroll taxes expense includes
A. a credit to Social Security Tax Payable and a credit to Medicare Tax Payable.
B. a debit to Employee Income Tax Payable.
C. a debit to Social Security Tax Payable and a debit to Medicare Tax Payable.
D. a debit to Payroll Taxes Expense.
Answer: C
You might also like to view...
Which of the following statements is true?
a. The return on assets ratio indicates whether the company can pay its current debt when it becomes due. b. The causes for an increase or decrease in the return on assets ratio can be examined by calculating its two components: return on sales and asset turnover. c. If a company successfully applies leverage, its return on assets ratio will be greater than its return on common stockholders' equity ratio. d. If a company's return on assets ratio increases, the increase can be the result of decreased liquidity.
Buddhism was founded in northeastern ____________________.
Fill in the blank(s) with the appropriate word(s).
A continuous budget is prepared by adding a new budget month as each month expires
Indicate whether the statement is true or false
Robert steals a truckload of plasma televisions that belong to Karson Electronics Store. He then resells it to Stu-Mart, which is unaware of the stolen nature of the goods. Karson Electronics Store then traces the plasma televisions to Stu-Mart
Robert is also arrested for the theft. Which of the following is true for Karson's legal course for reclaiming the televisions or recovering damages? A) Stu-Mart is a good-faith purchaser here and as such does not have to hand over the televisions to Karson. B) Stu-mart must hand over the televisions to Karson as its title to the goods is void. C) Karson's only recourse is against Robert to claim damages. D) Karson's cannot reclaim the goods, but can sue Stu-Mart for negligence and damages.