Question

In: Accounting

3. Interest expense is reported as

current liabilities

3.Interest expense is reported as

a. other expense on the balance sheet.

b. other expense on the income statement.

c. other revenue on the balance sheet.

d. current liabilities on the income statement.

4.All of the following are other deductions that employees may choose to have deducted from their gross payexcept

a. life insurance.

b. FICA.

c. dental insurance.

d. retirement savings.

Expert Solution

3.Interest expense is reported as

Answer: b. other expense on the income statement.

As it is a non-operating expense which is to be recorded in the income statement.

4.All of the following are other deductions that employees may choose to have deducted from their gross pay except

Answer b. FICA.

FICA is the short form of The Federal Insurance Contributions Act tax which is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare. It is a Tax hence cannot be claimed as a deduction.

ekkarill92 answered 2 years ago

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