EP CENGAGENOWV2 FOR HEINTZ/PARRY'S COLL
EP CENGAGENOWV2 FOR HEINTZ/PARRY'S COLL
23rd Edition
ISBN: 9780357421123
Author: HEINTZ
Publisher: Cengage Learning
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Chapter 9, Problem 6SEB

SUTA taxes on July 31, 20--.

WORKERS’ COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be $385,000. The workers’ compensation insurance premium rate is 0.2%.

REQUIRED

  1. 1. Calculate the estimated workers’ compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--.
  2. 2. Assume that Columbia Industries’ actual payroll for the year is $396,000. Calculate the total insurance premium owed and 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.
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Chapter 9 Solutions

EP CENGAGENOWV2 FOR HEINTZ/PARRY'S COLL

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