Question

As of December 31, Marr, Inc., has accrued benefits to its employees for medical insurance (in the amount of $12,000) and a contribution to a retirement program (at 10% of the employees' $200,000 gross salary).

Answer 1

Dr employee benefits expense  = $32,000

Cr medical insurance payable    = $12,000

Cr  retirement benefit payable   = $20,000

Even if the firm has not yet paid the costs associated with its workers' services, they have gotten the benefits, thus even though the costs have not yet been paid, they should be recorded in the books using the accrual approach (costs should be recognized when incurred not when paid for).

Total accumulated benefits

$12,000 + (200 000 * 10%) = 32000.

The worker's benefits expenditure account should be debited for the whole accumulated benefits, and the accounts for medical insurance and retirement benefits should be credited with $12,000 and $20,000, respectively.

Therefore, total benefit = $32000

For more information on accrued benefits questions, refer to the given link:

brainly.com/question/16908164

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