Vaughnincurs a weekly payroll of $255000that includes federal taxes withheld of $37600, FICA taxes withheld of $23670, and 401(k) withholdings of $27000. What is the effect on assets and liabilities from recording this transaction? (Ignore company payroll taxes).<\/p>
<\/p>
Assets decrease $193730and liabilities decrease $61270.<\/p>
Assets decrease $166730and liabilities increase $88270.<\/p>
Assets decrease $193730and liabilities increase $61270.<\/p>
Assets decrease $255000and liabilities do not change.<\/p>", "transcribed_text": "", "related_book": { "title": "Horngrens Financial And Managerial Accounting The Financial Chapters", "isbn": "978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857", "edition": "6th Edition", "authors": "Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/6385a3d75ff11_1335.jpg", "uri": "\/textbooks\/horngrens-financial-and-managerial-accounting-the-financial-chapters-6th-edition-1335", "see_more_uri": "" }, "free_related_book": { "isbn": "8120307208", "uri": "\/textbooks\/organic-chemistry-6th-edition-9788120307209", "name": "Organic Chemistry", "edition": "6th Edition" }, "question_posted": "2024-06-17 15:08:53", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-19", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/calculate-the-three-currents-i1-i-2-and-i3-indicated", "description": "Calculate the three currents I1, I 2, and I3 indicated in the circuit diagram shown in Fig. 5.00 1 ww 8.00 2 1.00 9:00 . 12:00 L00 10.00 1", "stars": 3 }, { "url": "\/study-help\/financial-accounting-information-for-decisions\/majors-son-antique-dealers-purchased-the-contents-of-an-1659521", "description": "Majors & Son, antique dealers, purchased the contents of an estate for $38,500. 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