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If all wages were attributable to shop employees, what premium estimate would have been calculated and...
The following information relates to Ponte Manufacturing Company’s workers’ compensation insurance premiums for 2019. On January...
The following information relates to Ponte Manufacturing Company’s workers’ compensation insurance premiums for 2019. On January 15, 2019, the company estimated its premium for workers’ compensation insurance for the year on the basis of that data. Work Classification Amount of Estimated Wages Insurance Rates Office work $ 45,000 $ 0.30/$100 Shop work 289,000 $ 6.00/$100 Required: Compute the estimated premiums. Record in general journal form payment of the estimated premium on January 15, 2019. On January 4, 2020, an audit...
Great Manufacturing Company received and paid a premium notice on January 2 for workers' compensation insurance...
Great Manufacturing Company received and paid a premium notice on January 2 for workers' compensation insurance stating the rates for the new year. Estimated employees' earnings for the year are as follows: Classification Estimated Wages and Salaries Rate per Hundred (Percent) Estimated Premium Office clerical $92,000 0.11 $101.20 Warehouse work 29,000 0.92 266.80 Manufacturing 264,000 2.20 5,808.00 $6,176.00 At the end of the year, the exact figures for the payroll are as follows: Classification Actual Wages and Salaries Rate per...
3. By what amount would net income have been understated or overstated had the adjusting journal...
3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income by Check my work Part 2 of 7 Required information [The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit...
Lakeview Company completed the following two transactions. The annual accounting period ends December 31 a. On December 31, calculated the payroll, which indicates gross earnings for wages ($44,000),...
Lakeview Company completed the following two transactions. The annual accounting period ends December 31 a. On December 31, calculated the payroll, which indicates gross earnings for wages ($44,000), payroll deductions for income tax ($4,400), payroll deductions for FICA ($3,300), payroll deductions for American Cancer Society ($1,650), employer contributions for FICA (matching), and state and federal unemployment taxes ($385). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not...
All of the transactions of Harding Trading Co. for the year have been journalized and posted....
All of the transactions of Harding Trading Co. for the year have been journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2018: A. The Supplies account shows a balance of $950. A count of supplies revealed $480 on hand, B. The $1,560 premium relating to a one-year insurance policy was paid on December 1, 2018 C. The company's equipment, which was purchased last year, depreciates at a rate of $1,200 per...
1. 2. You have been hired as the new controller for the Ralston Company. Shortly after...
1.
2.
You have been hired as the new controller for the Ralston Company. Shortly after joining the company In 2018, you discover the following errors related to the 2016 and 2017 financial statements: a. Inventory at 12/31/2016 was understated by $7,800. b. Inventory at 12/31/2017 was overstated by $12,600. c. On 12/31/2017, Inventory was purchased for $4,800. The company did not record the purchase until the Inventory was paid for early In 2018. At that time, the purchase was...
cises and Problems Check my work mode: This shows what is corrector Problem 3-2A Preparing adjusting...
cises and Problems Check my work mode: This shows what is corrector Problem 3-2A Preparing adjusting and subsequent journal entries LO P1, P2, P3, P4 Area Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date The Office Supplies account started the year with a $3.150 balance. During 2019, the company purchased supplies for $13.010 which was added to the Office Supplies account. The inventory of supplies...
I missed all the parts with an X. Wondering if anyone knows the right answer? Help...
I
missed all the parts with an X. Wondering if anyone knows the right
answer?
Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Problem 3-2A Preparing adjusting and subsequent journal entries LO P1, P2, P3, P4 Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are:...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice Ο O Current liabilities Ο Operating cycle liabilities Ο Ο O Current assets. Ο Earned revenues All of the following statements regarding uncertainty in liabilities are true except Multiple Choice ) A company can be aware of an obligation but not know how much will be required to settle it A company can create alability with a known amount even when the...
Incorrect for the work you have completed so for. It does not indicate completion Return to...
Incorrect for the work you have completed so for. It does not indicate completion Return to question 8 Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: 125 points 8 00:57:34 a. On July 1, 2018, a two-year Insurance premium on equipment in the amount of $600 was paid and debited in full to Prepaid Insurance on that date....
3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income by Check my work Part 2 of 7 Required information [The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit...
Lakeview Company completed the following two transactions. The annual accounting period ends December 31 a. On December 31, calculated the payroll, which indicates gross earnings for wages ($44,000), payroll deductions for income tax ($4,400), payroll deductions for FICA ($3,300), payroll deductions for American Cancer Society ($1,650), employer contributions for FICA (matching), and state and federal unemployment taxes ($385). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not...
All of the transactions of Harding Trading Co. for the year have been journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2018: A. The Supplies account shows a balance of $950. A count of supplies revealed $480 on hand, B. The $1,560 premium relating to a one-year insurance policy was paid on December 1, 2018 C. The company's equipment, which was purchased last year, depreciates at a rate of $1,200 per...
1.
2.
You have been hired as the new controller for the Ralston Company. Shortly after joining the company In 2018, you discover the following errors related to the 2016 and 2017 financial statements: a. Inventory at 12/31/2016 was understated by $7,800. b. Inventory at 12/31/2017 was overstated by $12,600. c. On 12/31/2017, Inventory was purchased for $4,800. The company did not record the purchase until the Inventory was paid for early In 2018. At that time, the purchase was...
cises and Problems Check my work mode: This shows what is corrector Problem 3-2A Preparing adjusting and subsequent journal entries LO P1, P2, P3, P4 Area Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date The Office Supplies account started the year with a $3.150 balance. During 2019, the company purchased supplies for $13.010 which was added to the Office Supplies account. The inventory of supplies...
I
missed all the parts with an X. Wondering if anyone knows the right
answer?
Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Problem 3-2A Preparing adjusting and subsequent journal entries LO P1, P2, P3, P4 Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice Ο O Current liabilities Ο Operating cycle liabilities Ο Ο O Current assets. Ο Earned revenues All of the following statements regarding uncertainty in liabilities are true except Multiple Choice ) A company can be aware of an obligation but not know how much will be required to settle it A company can create alability with a known amount even when the...
Incorrect for the work you have completed so for. It does not indicate completion Return to question 8 Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: 125 points 8 00:57:34 a. On July 1, 2018, a two-year Insurance premium on equipment in the amount of $600 was paid and debited in full to Prepaid Insurance on that date....
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