Belkin Co. provides medical care and insurance benefits to its retirees. In the current year, Belkin agrees to contribute 5% of the employees’ $310,000 gross salaries to a retirement program. What is the amount of employee benefits expense for the current period?

$15,500.00

Explanation:

The amount of expense will be Belkin's contributions only.  No amount can be deducted from the retirees as they are not in Belkin's payroll.

The amount of expenses will be 5% of the $310,000.

The actual amount will be 5% x $310,000.

= 5/100 x 310,000

=0.05 x 310,000

=$15,500.00

Explanation:

Given that the employer's contribution to the benefit scheme is 5% and gross salary is $310,000, Employee Benefits expense is calculated as:

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