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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Social Security Tax Payable and Medicare Tax Payable are classified as

  1. (a) liabilities.
  2. (b) assets.
  3. (c) owner’s equity.
  4. (d) expenses.

To determine

Ascertain the correct classification for Social Security Tax Payable and Medicare Tax Payable.

Explanation

Liabilities:

The claims creditors have over assets or resources of a company are referred to as liabilities. These are the debt obligations owed by company to creditors. Liabilities are classified on the balance sheet as current liabilities and long-term liabilities.

Social security tax and Medicare tax that are imposed on an employer and employees are needed to be paid...

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