Why are deductions from employees earnings classified as liabilities for the employer?

Question:

Why are deductions from employees’ earnings classified as liabilities for the employer?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Question Posted: Dec 11, 2011 05:16 AM

See More Questions

Why are amounts with-held from employees pay considered liabilities of the employer?
The following items are classified as current liabilities on Burger King Holdings, Inc.'s balance sheets as of December 31, 2013, and December 31, 2012: Required 1. Burger King uses the indirect...
The following items are classified as current liabilities on McDonald's consolidated statements of financial condition (or balance sheet) at December 31 (in millions): Required 1. McDonald's uses the...
Answer the following questions. a. Office Store has assets equal to $123,000 and liabilities equal to $47,000 at year-end. What is the total equity for Office Store at year-end? b. At the beginning...
The September 30, 2017, balance sheet of Nelson Products reported the following: Accounts Receivable ........................................... $310,000 Allowance for Doubtful Accounts (credit...
Altar Loan Companys balance sheet at December 31, 2021, reports the following: During 2021, Altar Loan earned net income of $6,200,000. Calculate Altar Loans earnings per common share (EPS) for 2021;...
DE 19-21 The Institute of Management Accountants' Standards of Ethical Conduct for Management Accountants (Exhibit 19-15, page 776) require management accountants to meet standards regarding...
Amir ante Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Chambers Medical Center for a period of 10 years. The normal selling price of the machine is $411,324,...
Read the financial covenant below and answer both parts to the question: A) Please describe what this financial covenant is designed to do. Essentially explain what economic behavior its designed to...
9. In a reheat cycle steam at 15 MPa, 540C enters the engine and expands to 1.95 MPa At this point the steam is withdrawn and passed through a reheater. It reenters the engine at 540C. Expansion now...
Employees are subject to taxes withheld from their paychecks. (a) List the federal taxes withheld from most employee paychecks. (b) Give the title of the accounts credited by amounts withheld.
Taylor Company, with 20 employees, is expanding operations. It is trying to decide whether to hire one full-time employee for $25,000 or two part-time employees for a total of $25,000. Would any of...
The business problem facing a consumer products company is to measure the effectiveness of different types of advertising media in the promotion of its products. Specifically, the company is...
Assume an organic compound has a partition coefficient between water and ethyl acetate equal to 8.12. If there are initially 7.10 grams of the compound dissolved in 75.0 mL of water, how many grams...
Berger Paint Pakistan limited produces three types of joint products, S ilver paint, G olden paint and D iamond paint. During March, 2020, the following information was recorded : Particulars Silver...
Choose an industry in which you are interested in working. How is that industry trending? What internal and external factors may affect the direction of the organization? For your initial post,...
show all work and Computations and if favorable or unfavorable. Standard Cost Data per 1 Unit Quantity Price Direct Labor 2 hrs $4.00/hr Actual Data: Units produced 20 20 Direct Labor 30 hrs; total...
4. A petroleum company is considering the expansion of its one unloading facility at its Australian refinery. Due to random variations in weather, loading delays, and other factors, ships arriving at...
She has been concerned because customers have been waiting too long for their food, and this graph is intended to help her find possible causes of the problem. b) This is an example of what type of...
Separate variables and use partial fractions to solve the initial value problems in Problems 18. Use either the exact solution or a computer-generated slope field to sketch the graphs of several...
Which of the following statements is not correct? a. Index creation can help improve the performance of join queries. b. Indexing makes it harder to enforce uniqueness on a (combination of)...
A company reports the following: Net sales ........ $1,800,000 Average total assets ... 1,125,000 Determine the ratio of net sales to assets.
A company reports the following: Net sales ....... $4,400,000 Average total assets .... 2,000,000 Determine the ratio of net sales to assets.
A company reports the following: Net sales ....... $4,400,000 Average total assets .... 2,000,000 Determine the ratio of net sales to assets.
The following information is provided by Garden Gears for a new product it recently introduced: Total unit cost $50 Desired ROI per unit $22 Target selling price $72 How much is Garden Gears'...
Solid bank loan P5 million to a borrower on January 1, 2018. The terms of the loan require principal payments of P1 million each year for five years plus interest at 8%. The first principal and...
3) Assuming annual sales of $250,000 and a 50% gross (contribution) margin, calculate the following a. Average collection period if ending receivables total $45,000 b. Ending days-on-hand of...

Why are deductions from employees earnings classified as liabilities for the employer?

Question:

Step by Step Answer:

Deductions from employees earnings are classified as liabilities becau...View the full answer

Financial And Managerial Accounting

Students also viewed these Accounting questions