College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 9, Problem 4CE
To determine
Calculate Person LC’s estimated workers’ compensation insurance premium and prepare the
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Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%.
Required:
1. Calculate the estimated workers' compensation insurance premium.$
Prepare the journal entry for the payment as of January 2, 20--.
If an amount box does not require an entry, leave it blank.
Page:
DATE
ACCOUNT TITLE
DOC.NO.
POST.REF.
DEBIT
CREDIT
1
20-- Jan. 2
1
2
2
3
3
2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$
Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.
If an amount box does not require an entry, leave it blank.
Page:
DATE
ACCOUNT TITLE
DOC.NO.
POST.REF.
DEBIT
CREDIT
1
20-- Dec. 31
1
2…
Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter.
Required:
1. Calculate the estimated cost of workers' compensation insurance for the year.$_________
Pharoah’s Potomac River Tours provides workers’ compensation insurance for its employees. The estimated gross payroll total for all employees this year is $382,500. The premium rate is 0.23%. Determine the estimated workers’ compensation premium. (Round answers to 2 decimal places, e.g. 52.75.)
Workers’ compensation premium
$
Chapter 9 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 9 - Prob. 1TFCh. 9 - Prob. 2TFCh. 9 - Prob. 3TFCh. 9 - Prob. 4TFCh. 9 - The W-4, which shows total annual earnings and...Ch. 9 - Prob. 1MCCh. 9 - LO2 Joyce Lee earns 30,000 a year. Her employer...Ch. 9 - Prob. 3MCCh. 9 - Prob. 4MCCh. 9 - Prob. 5MC
Ch. 9 - Total earnings for the employees of Garys Grill...Ch. 9 - Prob. 2CECh. 9 - Prob. 3CECh. 9 - Prob. 4CECh. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Identify all items that are debited or credited to...Ch. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - Prob. 9RQCh. 9 - Prob. 10RQCh. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION OF TAXABLE EARNINGS AND EMPLOYER...Ch. 9 - Prob. 4SEACh. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - Prob. 6SEACh. 9 - Prob. 7SPACh. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade...Ch. 9 - Prob. 9SPACh. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - Prob. 2SEBCh. 9 - Prob. 3SEBCh. 9 - TOTAL COST OF EMPLOYEE B. F. Goodson employs...Ch. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - Prob. 6SEBCh. 9 - CALCULATING PAYROLL TAXES EXPENSE AND PREPARING...Ch. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford...Ch. 9 - Prob. 9SPBCh. 9 - The director of the art department at an...Ch. 9 - Prob. 1ECCh. 9 - The totals line from Nix Companys payroll register...Ch. 9 - Payrex Co. has six employees. All are paid on a...
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