Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 o each quarter, Required: 1. Calculate the estimated cost of workers' compensation insurance for the year. 2. Show the journal entry for the first quarterly payment on January 2, 20-. If an amount box does not require an entry, leave it blank. Page: POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Jan. 2 2. 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--. 3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment needed on December 31, 20-, The actual payment of the additional insurance premium willl not take place until January of the following year. If an amount box does not require an entry, leave it blank. Page: POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 1. 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 o each quarter, Required: 1. Calculate the estimated cost of workers' compensation insurance for the year. 2. Show the journal entry for the first quarterly payment on January 2, 20-. If an amount box does not require an entry, leave it blank. Page: POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Jan. 2 2. 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--. 3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment needed on December 31, 20-, The actual payment of the additional insurance premium willl not take place until January of the following year. If an amount box does not require an entry, leave it blank. Page: POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 1.
Expert Answer:
Answer rating: 100% (QA)
Ans Work Estimated Earnings a Insurance Rate b Estimated Premium ab Ans 1 Office Work 84000 06 5... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The total estimated sales for the coming year is 250,000 units. The estimated inventory at the beginning of the year is 22,500 units, and the desired ending inventory is 30,000 units. The total...
-
The rate of inflation for the coming year is expected to be 3 percent, and the rate of inflation in Year 2 and thereafter is expected to remain constant at some level above 3 percent. Assume that the...
-
a. 9,900,000 b. 9,700,000 c. 9,550,000 d. 9,750,000 The following accounts appear from the trial balance of RAIN Inc. as of December 31, 2019: Petty cash fund 10,000 Cash surrender value 100.000...
-
Suppose a consumer lives in two periods , with his income in period 1 as $100 and his income in period 2 as $150. If the rate of interest in the economy is 12%. Find the equilibrium level of...
-
Wigan Associates has two classifications of professional staff partners and managers. Hanley asks his assistant to examine the relative use of partners and managers on the recent Widnes Coal and St....
-
Is busy waiting always less efficient (in terms of using processor time) than a blocking wait? Explain.
-
Approximately how long does it take to quadruple an investment of \($1,000\) when the interest rate is 15% per year?
-
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. a. Amber Corporation donated inventory of clothing (basis of $24,000, fair...
-
You're planning a trip to France. The current exchange rate is 1.21 dollars per euro. If you want to get 3,000, how many dollars do you have to pay? If you want to exchange $3,000, how many euros...
-
Saratoga Ltd. was having difculty in raising nance for expansion. Kingsh Ltd. was interested in achieving economies by marketing a wider range of products. The following shows the nancial positions...
-
Old Country Links, Incorporated, produces sausages in three production departments-Mixing, Casing and Curing, and Packaging. In the Mixing Department, meats are prepared and ground and then mixed...
-
What is unique about the contribution margin under capitation?
-
What is the equation for volume breakeven?
-
a. Define contribution margin. b. What is its economic meaning?
-
What would happen financially to a health services organization over time if its prices were set at: a. Full costs? b. Marginal costs?
-
a. What is cost-volume-profit (CVP) analysis? b. Why is it so useful to health services managers?
-
Develop the Person class show in the class diagram below. -name: String -number: String Person (from Week8) constructor>-Person(name: String, number: String) +toString(): String The toString() method...
-
How many years will it take a $700 balance to grow into $900 in an account earning 5%?
-
Suppose r RF = 8%, r M = 11%, and r B = 14%. a. Calculate stock Bs beta, b. If stock Bs beta were 1.5, what would be Bs new required rate of return?
-
Sams Orthodontic Services (SOS) will retain for reinvestment $300,000 of the net income it expects to generate next year. Recently, the CFO determined that the firms after-tax cost of debt, rdT, is 5...
-
Consider the following operating information gathered from three firms that are identical except for their capital structures: a. Compute the WACC for each firm. b. Compute the EVA for each firm. c....
-
You release three balls simultaneously from the same height above the floor. The balls all carry the same quantity of surplus positive charge, but they have different masses: \(1 \mathrm{~kg}, 2...
-
A proton, a deuteron (a hydrogen nucleus containing one proton and one neutron), and an alpha particle (a helium nucleus consisting of two protons and two neutrons) initially at rest are all...
-
Consider an isolated system of two identical electric dipoles as in Figure P25.6. For which orientation is the electric potential energy smaller? Data from Figure P25.6 (a) (b)
Study smarter with the SolutionInn App