The following information relates to Ponte Manufacturing Company's workers' compensation insurance premiums for x On
January X the company estimated its premium for workers" compensation insurance for the year on the basis of that data.
Requlred:
Compute the estimated premiums.
Record in general journal form payment of the estimated premium on January
On January an audit of the firm's payroll records showed that it had actually paid wages of $ to its office
employees and wages of $ to its shop employees. Compute the actual premium for the year and the balance due the
insurance company or the credit due the firm.
Prepare the general journal entry on December X to adjust the Workers' Compensation Insurence Expense account.
Analyze:
If all wages were attributable to shop employees, what premium estimate would have been calculated and recorded on January
Complete this question by entering your answers in the tabs below.
Required
Compute the estimated premiums.
Note: Round "Insurance Rate" answers to decimal places. ie should be entered as
