Art Parrish Is the Sole Employee of Parrish Sales

question 135

True/False

Art Parrish is the sole employee of Parrish Sales.His company pays a portion of his health insurance premium,and also contributes to a retirement plan in his name.The company share of the health insurance premium is $400,and the company contribution to the retirement plan is $550.The third journal entry in the payroll cycle to record the employee benefits to be paid by the company should include a credit to Employee benefits payable for $950.

---

Definitions:

Millionaire

An individual whose net worth or wealth is equal to or exceeds one million units of currency.

Well-being

The state of being comfortable, healthy, or happy, reflecting the overall quality of an individual's life.

Philosopher

An individual who seeks knowledge and understanding about fundamental questions of existence, ethics, knowledge, and reality.

Satisfaction

A feeling of fulfillment or contentment with one's achievements, possessions, or state of being.