The declaration of a cash dividend causes an increase in a corporation's liabilities at the date of declaration

Kevin, an employee of Sunbeam, Inc, has gross salary for May of $7,000

The entire amount is under the OASDI limit of $117,000 and thus subject to FICA. He is also subject to federal income tax at a rate of 20%. Which of the following is a part of the journal entry to record the disbursement of his net pay? (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) A) debit to Cash for $5,064.50 B) credit to Cash for $5,064.50 C) debit to Employee Income Tax Payable of $5,064.50 D) debit to FICA Tax Payable of $5,064.50

Briefly explain the difference between a synopsis and an executive summary

What will be an ideal response?