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13 November, 15:32

The amount of federal income taxes withheld from an employee's gross pay is recorded as a (n)

a. payroll expense

b. asset

c. liability

d. contra account

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Answers (1)
  1. 13 November, 15:49
    0
    The correct answer is letter "C": liability.

    Explanation:

    Current Liabilities are company debts due within one year or one operating cycle, whichever greater. An operating cycle is the time it takes a company to purchase inventory and convert it into cash from sales. Current liabilities include items such as accounts payable, short-term debt, and taxes payable.
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