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AysviL [449]
3 years ago
7

Athena Company provides employee health insurance that costs $15,100 per month. In addition, the company contributes an amount e

qual to 4% of the employees' $151,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:
Business
1 answer:
weqwewe [10]3 years ago
5 0

Answer:

Debit to Employee Benefits Expense $21,140

Explanation:

Preparation of Athena Company entry to record the accrued benefits for the month

Using this formula

Accrued Expenses = Gross salary ×Percentage of the amount contributed+ Insurance cost

Let plug in the formula

Accrued Expenses= $151,000 × 0.04

= $6,040 + $15,100

= $21,140

Debit to Employee Benefits Expense $21,140.

Therefore the entry to record the accrued benefits for the month would include a: Debit to Employee Benefits Expense $21,140.

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Some producers are forced to sell their products at the prevailing market price because of (C) a high degree of similarity to competitor's products.

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The complete question is given below:
Why are some producers forced to sell their products at the prevailing market price?

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Kennedy Company uses the balance sheet approach in estimating uncollectible accounts expense. The company prepares an adjusting
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Answer:

The amount of uncollectible account expense was recorded for July was $9,500

Explanation:

According to the given data we have the following:

Accounts written off amount=$5,200

Increase in Allowance for Doubtful Accounts=$4,300

Therefore, in order to calculate the  amount of uncollectible account expense was recorded for July we would have to make the following calculation:

Uncollectible accounts expense for July= Accounts written off+ Increase in Allowance for Doubtful Accounts

Uncollectible accounts expense for July= $5,200+$4,300

Uncollectible accounts expense for July=$9,500

The amount of uncollectible account expense was recorded for July was $9,500

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