Business, 01.07.2021 21:10 edgartorres5123

Computing and recording workers' compensation insurance premiums. The following information relates to Ponte Manufacturing Companyâs workersâ compensation insurance premiums for 2019. On January 15, 2019, the company estimated its premium for workersâ compensation insurance for the year on the basis of that data.
Amount of
Work Classification Estimated Wages Insurance Rates
Office work $64,000 $0.30/$100
Shop work 308,000 $6.00/$100
Required:
1. Compute the estimated premiums.
2. Record in general journal form payment of the estimated premium on January 15, 2019.
3. On January 4, 2020, an audit of the firmâs payroll records showed that it had actually paid wages of $69,960 to its office employees and wages of $315,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm.
4. Prepare the general journal entry on December 31, 2019, to adjust the Workersâ Compensation Insurance Expense account.
Analyze:
If all wages were attributable to shop employees, what premium estimate would have been calculated and recorded on January 15, 20X1?

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Computing and recording workers' compensation insurance premiums. The following information relates...