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Count Cash pays a weekly payroll of $170,000 that includes federal taxes withheld of $25,400, FICA taxes withheld of $15,780, and 401(k) withholdings...

Count Cash pays a weekly payroll of $170,000 that includes federal taxes withheld of $25,400,
FICA taxes withheld of $15,780, and 401(k) withholdings of $18,000. What is the effect of assets
and liabilities from this transaction?
a. Assets decrease $170,000 and liabilities do not change.
b. Assets decrease $128,820 and liabilities increase $41,180.
c. Assets decrease $128,820 and liabilities decrease $41,180.
d. Assets decrease $110,820 and liabilities increase $59,180.
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Accounting-8196857.doc

Count Cash pays a weekly payroll of $170,000 that includes federal taxes withheld of
$25,400, FICA taxes withheld of $15,780, and 401(k) withholdings of $18,000. What is the
effect of assets and...

Sign up to view the full answer

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