Workers' Compensation Insurance and AdjustmentSpecialty Manufacturing estimated that its total payrollfor the coming year would be $447,500. The workers'compensation insurance premium rate is 0.2%.Required:1. Calculate the estimated workers' compensationinsurance premium.$Prepare the journal entry for the payment as of January2, 20--.Page:DỌC. POST.DATEACCOUNT TITLEDEBITCREDITNO.REF.20--1Jan. 212232. Assume that Specialty Manufacturing's actual payrollfor the year is $452,500.00. Calculate the totalinsurance premium owed.Prepare a journal entry as of December 31, 20--, torecord the adjustment for the underpayment. The actualpayment of the additional premium will take place inJanuary of the next year.Page:DOC. POST.DATEACCOUNT TITLEDEBITCREDITNO.REF.20--1Dec. 312233

Given: To find the following things as, Estimated workers compensation insurance premium

Answered: Workers' Compensation Insurance and…

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 6SEA

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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. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 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.
Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $447,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. 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 $452,500.00. Calculate the total insurance premium owed.$ 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. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Dec. 31 1 2 2 3 3
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…
Willamette Manufacturing estimated that its total payroll for the coming year would be $670,000. The workers' compensation insurance premium rate is 0.3%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Jan. 2 1 2 2 3 Paid estimated workers' compensation insurance premium 3 2. Assume that Willamette Manufacturing's actual payroll for the year was $694,000. Calculate the total insurance premium owed.$ 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. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Dec. 31 1 2 2 3 Adjustment for insurance premium…
Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year.$fill in the blank 79e6ee06efc5fe1_1 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: DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Jan. 2 Workers' Compensation Insurance Expense fill in the blank 6b0385fff039038_2 fill in the blank 6b0385fff039038_3 1 2 Cash fill in the blank 6b0385fff039038_5 fill in the blank 6b0385fff039038_6 2 3 3 3a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--.$fill in the blank 29f2d308aff9fad_1 3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment…
Paradise Hills Berry Farm has 23 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay EI Premium Income Taxes 80,950.00 1,343.77 11,165.00 CPP 3,853.77 View transaction list View journal entry worksheet Date March 23 El payable No Medical Ins. 1,525.00 Required: Using the information provided, prepare the journal entry to record the payroll expenses. (Round the final answers to 2 decimal places.) United Way 1,694.00 General Journal Debit Credit
Required: Prepare the journal entries to: (a) distribute the weekly payroll and to (b) ace the bonus, vacation and holiday pay. P44 Monthly payroll register of Hanna Institute for January shows the following information: The salary for administrative employees is P20,000; faculty, P300,000. Hanna shar 50% of the insurance premium per month. Total amount of installment is P10,000 and P2,500 will be deducted from both departments (admin and faculty) each. There are 5 faculty members with equal salaries; two of them are most senior and entitled to avail 2 weeks paid leave every year. Mr. Johnson, one of two senior members, received bonus of P1,000 for his last year's awesome result. Required: Journal entries to record payroll on January 31st.
The payroll records of Jasper Co. provide the following data for the weekly pay period ended March 7 Employee Gross Pay Gross Pay To Date Income Taxes Medical Insurance Deduction Union Dues United Way A $500 $6,000 $100 $30 $15 $10 B 600 6,500 120 30 15 20 C 700 5,500 202 50 0 30 Assume CPP is 4.95 % and El is 1.66 %. 1) Prepare the general journal entry to accrue the payroll on March 7. 2) Prepare the general journal entry to record the payroll tax expense for March 7.
Noura Company offers an annual bonus to employees (to be shared equally) if the company meets certain net income goals. Prepare the journal entry to record a $14,000 bonus owed (but not yet paid) to its workers at calendar year-end. View transaction list Journal entry worksheet < 1 Record the expected bonus costs. Note: Enter debits before credits. Date December 31 General Journal Debit Credit 7 Record entry Clear entry View general journal
Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay EI Premium Income Taxes 67,950.00 1,127.97 9,371.00 CPP 3,223.59 Medical Ins. United Way 1,200.00 1,369.00 Required: Using the information provided, prepare the journal entry to record the payroll expenses. (Round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the entry for payroll. Note: Enter debits before credits.. Date March 23 General Journal Debit Credit
Paradise Hills Berry Farm has 29 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay 75,950.00 View transaction list EI Premium 1,260.77 < 1 Income Taxes Journal entry worksheet 10,475.00 Required: Using the information provided, prepare the journal entry to record the payroll expenses. (Round the final answers to 2 decimal places.) Date March 23 Record the entry for payroll. Note: Enter debits before credits. CPP 3,566.28 Medical Ins. 1,400.00 General Journal United Way 1,569.00 Debit Credit Next K
The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29. For a compound…

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