Art Parrish Is the Sole Employee of Parrish Sales

question 155

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 Cash for $950.

---

Definitions:

Diversity of Opinion

The presence of varied viewpoints and perspectives within a group, which can enhance decision-making and creativity but also lead to conflicts.

External Change

Modifications or adjustments that occur outside an organization, which can impact its operations and strategies.

Management Philosophy

Relates to the set of beliefs and principles that guide the decision-making, strategies, and leadership practices of a manager or organization.

Type of Business

Categories or classifications of commercial organizations based on factors like ownership, size, and product or service rendered.