Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. compute and record workers' compensation insurance

Compute and record workers' compensation insurance premiums for Perez Manufacturing as follows: The firm...

80.2K

Verified Solution

Question

Accounting

Compute and record workers' compensation insurance premiums for Perez Manufacturing as follows:
The firm estimates that its office employees will earn $46,000 next year and its factory employees will earn $162,000. The firm pays the following rates for workers' compensation insurance: $0.40 per $100 of wages for the office employees and $3.50 per $100 of wages for the factory employees. Compute the estimated premiums for 201. In a general journal, record the payment of the estimated premium. Date the entry as January 12,201.
On January 3,202, an audit of the firm's payroll records for 201 showed that the firm had actually paid wages of $48,000 to its office employees and $165,000 to its factory employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. In the general journal, record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 20X1. Date the entry as December 31,201.
Complete this question by entering your answers in the tabs below.
Req 2B
Compute the estimated premiums for 201.
Estimated premiums
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Mechanical Engineering
1.2K views

A pump operating at steady state receives 1.5 kg/s of liquid water at 50oC, 1.5 MPa....

Physics
1.2K views

In a photoelectric experiment the stopping potential V versus applied frequency v graph for three...

Physics
1.2K views

56 Two different masses of a gas separately in vessels of equal volume The T...

Basic Math
1.2K views

Explain the role of managers in the area you think is most important to health...

Basic Math
1.2K views

A sports ball has a diameter of 19 cm. Find the volume of the ball.Round...

Accounting
1.2K views

Hartman, Inc. has prepared the following comparative balance sheets for 2020 and 2021: 2021 2020...

Accounting
1.2K views

Problem 9.05 a1-a6 Crane Corp. is a fast-growing company whose management expects it to grow...

Accounting
1.2K views

Vaughn Manufacturing Balance Sheet December 31, 2022 Vaughn Manufacturing Balance Sheet December 31, 2022

Accounting
1.2K views

By December 31,2023, Pina Corp. had performed a significant amount of environmental consulting services for...

Accounting
1.2K views

Company has old inventory on hand that cost $12,000. Its serap value is only $$.000....

Accounting
1.2K views

Roger Company sold equipment for $15,000 on October 31, 20x8. The equipment originally cost $35,000...

Accounting
1.2K views

Taylor Insurance collected premiums of $18 million from its customers during the current year. The...