Question

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

asked Dec 23, 2022 231k views

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.
2. Show the journal entry for the first quarterly payment on January 2, 20.
3
a. Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--.
b. 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 will not take place until January of the following year.

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Bjoern · Answer 1 · 2022-12-29T00:30:17+0000

Answer:

Following are the responses to the given choice:

Step-by-step explanation:

Please find the solution in the attached file.

Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its-example-1

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