Steve Is an Employee of Panache,Inc

question 142

True/False

Steve is an employee of Panache,Inc.Panache pays a portion of his health insurance premium and also contributes to a retirement plan in his name.The company's share of the health insurance premium is $660,and the company's contribution to the retirement plan is $820.The journal entry to record the employee benefits to be paid by the company should include a debit to Employee Health Insurance Payable for $1,480.

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Definitions:

Microvilli

Small, fingerlike extensions of the plasma membrane of cells, increasing surface area for absorption.

Plicae Circularis

Internal folds of the intestinal lining that increase surface area for absorption of nutrients.

Absorption

The process by which substances are taken up from the environment and enter the bloodstream or cells.

Hepatic Portal Vein

Portal vein formed by the superior mesenteric and splenic veins and entering the liver.