User Account

All Pages

Compensation insurance for the year

Assignment Help Accounting Basics
Reference no: EM131028718

Sunny Hills Farm estimated its payroll for the coming year to be $102,000. 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. Assume Sunny Hills Farm's actual payroll for the year was $105,000. Calculate the additional premium owed for 20--. Record the adjustment needed at December 31, 20--. The actual payment of the additional insurance will not take place until January of the following year.

Reference no: EM131028718

Questions Cloud

What is the economic production quantity : Ram Manufacturing Company, in Hayward, California, makes LED flashing lights for toys. The company operates its production facility 300 days per year. It has orders for 12,000 flashing lights per year and has the capability of producing 100 per day. ..
Importance of public relations to marketing communication : Imagine that you are the owner of a small business. You have developed a Marketing Communications Plan. Explain the following: What is the importance of public relations to the Marketing Communications Plan? What is the role of trade promotions in th..
Determine the fees billed to customers on account : On October 1, theaccounts receivable account balance was $115,800. During October, $449,600 was collected from customers on account. Assuming the October 31 balance was $130,770 determine the fees billed to customers on account during October.
Problem regarding the cash dividends : Kerry Company has 1,000 shares of $100 par value, 9% preferred stock and 10,000 shares of $10 par value common stock outstanding. The preferred stock is cumulative and nonparticipating. Dividends were paid in 2010. Since 2010, Kerry has declared a..
Compensation insurance for the year : Sunny Hills Farm estimated its payroll for the coming year to be $102,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter.
Electronics firm produces two models of pocket calculators : An electronics firm produces two models of pocket calculators: the A brand which is an inexpensive calculator, and a B brand which has more advanced features. Each model use one (and the same type) circuit board, of which there are only 2,500 availab..
Create a gui with at least one button and several textfields : Give an example of a program that creates a GUI with at least one button and several textfields. Some of the textfields should be for input and others for output. Make the output textfields uneditable.
Analyze your chosen character personality using onetheorist : Write a 1,050- to 1,400-word paper in which you analyze your chosen character's personality using onetheorist or theory from each of the following columns:

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the steps in systems development life cycle

what are the steps in the systems development life cycle? which step is most important? why? what are the ramifications

  A company produces a single product the cost of producing

a company produces a single product. the cost of producing and selling a single unit of this product at the companys

  Stangle company manufactures ties when 28000 ties are

stangle company manufactures ties. when 28000 ties are produced the costs per unit are direct materials 0.60 direct

  Prepare the lower portion of the 2013 income statement

the following are partial income statement account balances taken from the december 31 2013 year-end trial balance of

  Prepare a journal entry that summarizes

Seven hundred vacation weeks earned in 2013 were not taken during 2013.

  Sales for the year were 1000000 half of which were on

sales for the year were 1000000 half of which were on credit. the average gross profit rate was 50 percent on sales.

  If the margin of safetyfor kramer company was 20 fixed

1. geitner sports inc. manufactures and sells two products baseball bats and baseball gloves. the fixed costs are

  Pros and cons of using reversing entries

What are the pros and cons of using reversing entries? Why are reversing entries optional?

  If the balance of allowance for doubtful accounts is 3000

using the percentage of receivables method for recording bad debts expense estimated uncollectible accounts are 15000.

  The company has set the following standards for materials

the company has set the following standards for materials and labor standard quantity or hours per unit standard price

  The accounts receivable account has total debit postings of

the accounts receivable account has total debit postings of 1900 and credit postings of 1100. the balance of the

  Amount budgeted for the month

Andrea's Hobbies produces and sells a luxury animal pillow for $40.00 per unit. In the first month of operation, 3,000 units were produced and 2,250 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other infor..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd