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The following information relates to Ponte Manufacturing Company's workers' compensation insurance premiums...

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Question

Accounting

The following information relates to Ponte Manufacturing Company's workers' compensation insurance premiums for 20x1. On
January 15,20X1, the company estimated its premium for workers" compensation insurance for the year on the basis of that data.
Requlred:
Compute the estimated premiums.
Record in general journal form payment of the estimated premium on January 15,201.
On January 4,202, an audit of the firm's payroll records showed that it had actually paid wages of $60,960 to its office
employees and wages of $306,320 to its shop employees. Compute the actual premium for the year and the balance due the
insurance company or the credit due the firm.
Prepare the general journal entry on December 31,20X1, to adjust the Workers' Compensation Insurence Expense account.
Analyze:
If all wages were attributable to shop employees, what premium estimate would have been calculated and recorded on January 15.
201?
Complete this question by entering your answers in the tabs below.
Required 1
Compute the estimated premiums.
Note: Round "Insurance Rate" answers to 3 decimal places. i.e.,12.3% should be entered as 0.123
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