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velikii [3]
3 years ago
9

Athena Company provides employee health insurance that costs $14,200 per month. In addition, the company contributes an amount e

qual to 5% of the employees' $142,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:________.
Debit to Employee Retirement Program Payable $7,100.
Credit to Employee Benefits Expense $14,200.
Debit to Payroll Taxes Expense $21,300.
Debit to Employee Benefits Expense $21,300.
Debit to Medical Insurance Payable $14,200.
Business
1 answer:
Leto [7]3 years ago
8 0

Answer:

Debit to Employee Benefits Expense $21,300

Explanation:

Based on the information given the Journal entry to record the accrued benefits for the month would include a Debit to Employee Benefits Expense for the amount of $21,300 calculated as:

5% × $142,000 gross salary

=$7,100

Hence employee health insurance costs $14,200 per month +$7,100

=$21,300

Therefore The entry to record the accrued benefits for the month would include a:

Debit to Employee Benefits Expense $21,300

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Answer:

C. y = 11000(1.086)^7

Explanation:

Given the following data;

Principal = $11,000

Interest rate = 8.6% = 8.6/100 = 0.086

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To derive a mathematical expression, we would use the compound interest formula;

A = P(1 + \frac{r}{100})^{t}

Where;

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Substituting into the formula, we have;

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