Accounting questions

Examine the current liabilities on the Balance Sheet and identify those that are definitely determinable
and those that are probably estimates. Does the corporation have any liabilities with respect to pensions,
vacation pay, or warranties? Please see the notes to the financial statements for details with respect to these
liabilities. Please let us know what a contingent liability is and if your company has any contingent liabilities.
Part 2
Employees are subject to taxes withheld from their paychecks. Please indicate the federal taxes that are
withheld from most employee paychecks. Please let us know why deductions from employees earnings are
classified as liabilities for the employer.
those taxes generally apply to employees only, employers only, or both employees and employers:
Federal Income Tax
Medicare Tax
Social Security Tax
Federal Unemployment Compensation Tax
State Unemployment Compensation Tax

Sample Solution