Is Each of the following items represents an asset, a liability, or an expense f

Question

Is

Each of the following items represents an asset, a liability, or an expense for a business. Indian e j - e correct classification for each item by using A, L, or E. Write your answers in the answer column. The total gross earnings of the firm's employees The federal income tax deducted from employee earnings Union dues that have been withheld from employee earnings and not yet sent to the union 3. The employer's payroll taxes The net pay owed to employees at the end of a payroll period The social security tax withheld from employee earnings Undeposited SUTA tax Cash Savings bond deductions that have not yet been used to buy bonds for the employees The state income tax from employee earnings

Explanation / Answer

1. E

2. E

3. L

4. L

5. L

6. L

7. L

8. A

9. L

10. L

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