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Count Cash pays a weekly payroll of $170,000 that includes federal taxes withheld of $25,400, FICA taxes withheld of $15,780, and 401(k) withholdings of $18,000. What is the effect of assets and liabilities from this transaction?

a. Assets decrease $170,000 and liabilities do not change.

b. Assets decrease $128,820 and liabilities increase $41,180.

c. Assets decrease $128,820 and liabilities decrease $41,180.

d. Assets decrease $110,820 and liabilities increase $59,180.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M953768

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