Question

Belkin Co. provides medical care and insurance benefits to its retirees. In the current year, Belkin agrees to contribute 5% of the employees’ $250,000 gross salaries to a retirement program. What is the amount of employee benefits expense for the current period?

Answer 1

The amount of employee benefits expense for the current period is

$12,500

Step-by-step explanation:

Belkin Co. provides medical care and insurance benefits to its retirees.

In the current year, Belkin agrees to contribute 5% of the employees’

$250,000 gross salaries to a retirement program

We need to find the amount of employee benefits expense for the

current period

To solve the problem

• Find the percentage of the benefits
• Multiply the percentage of benefits by the gross salary
• The answer is the amount of employee benefits expense for the current period

∵ The benefits for the current year is 5%

∵ These benefits for the gross salaries of $250,000

∴ The amount of benefits = 5% × 250,000

∵ 5% = $\frac{5}{100}$ = 0.05

∴ The amount of benefits = 0.05 × 250,000

∴ The amount of benefits = $12,500

The amount of employee benefits expense for the current period is

$12,500

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