Author Question: Under federal law, employers are required to withhold certain amounts from the total earnings of ... (Read 59 times)

cookcarl · **on:** Jul 5, 2018

Under federal law, employers are required to withhold certain amounts from the total earnings of each employee to be applied toward the payment of the employee's federal income tax.
a. True
b. False
Indicate whether the statement is true or false

Question 2

What is the effect on the accounting equation when a company collects an account receivable?

A) Total assets increase, total liabilities increase, and total shareholders' equity stays the same.
B) Total assets stay the same, total liabilities stay the same, and total shareholders' equity stays the same.
C) Total assets decrease, total liabilities stay the same, and total shareholders' equity decreases.
D) Total assets stay the same, total liabilities increases, and total shareholders' equity decreases.