User Account

All Pages

Prepare the journal entry for the payment as of January

Assignment Help Accounting Basics
Reference no: EM132721096

Problem - Columbia Industries estimated that its total payroll for the coming year would be $385,000. The workers' compensation insurance premium rate is 0.2%.

1- Calculate the estimated workers' compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--.

2- Assume that Columbia Industries' actual payroll for the year is $396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.

Reference no: EM132721096

Questions Cloud

Effective communication is essential in overcoming conflict : We learned effective communication is essential in overcoming conflict, embracing our similarities and differences, and streamlining our work.
What is maximum profit for seed : How many kilograms should montanso place in the warehouse before the growing season?
Which type of chemical threat a terrorist like to attempt : Which type of chemical, biological, radiological, and nuclear defense (CBRNE) threat do you think a terrorist is more likely to attempt to use in an attack.
What is att corporate strategy : What is AT&T's corporate strategy? You must identify and explain all types of diversification from the perspective of the primary industry.
Prepare the journal entry for the payment as of January : Calculate the estimated workers' compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--
Discuss the fundamental principles of zone models : Discuss the fundamental principles of zone models - Explain how can CFD numerical grid affect the quality of a computational solution? and how the ideal grid
Assignment on tsarnaev brothers : In regards to the Tsarnaev brothers (Boston Bombers) 1. Identify and describe the incident and provide historical background.
Which of the options would be most attractive to you : In an organization that wants to use work experiences as a method of employee development, what basic options are available? Which of these options would be.
Evaluate the policy and procedure on all aspects : Evaluate the policy and procedure on all aspects, Standard for completion of a proper physician query

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journalise the transactions in the special journals

Raquet Cave Ltd had the following selected transactions during July 2018. Journalise the transactions in the special journals and the general journal provided

  Explain the internal control weaknesses

Discuss the internal control weaknesses and risks associated with the process.At the end of each month, he reconciles the subsidiary accounts to their control

  Compute Randy and Sharon taxable income

Randy and Sharon are married and have two dependent children. Total itemized deductions 27,000. Compute Randy and Sharon taxable income

  Calculate the amount of revenue and gross profit

During 2021, costs of $2,170,000 were incurred, Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years

  Identify the three general classes of auditing procedures

Identify the three general classes of auditing procedures that pertain to obtaining audit evidence and indicate the primary purpose of each class

  Briefly explaining the changes within each major cash flow

Prepare a statement of cash flows for 2013, using the indirect method. Assume that current assets (excluding cash) and current liabilities have remained the same on December 31, 2013. The cash balance on December 31, 2013 is $66,050. 2.Draft ..

  Journalize SPA Co and Boyd Cos entries for the payment

SPA Co. sold merchandise to Boyd Co. on account, $25,000, terms FOB shipping point,2/10, n/30. Journalize SPA Co and Boyd Cos entries for the payment

  Basis in the machine

What is the amount of Mr. Dennis' basis in the machine?

  Prepare adjusting entries that should be made by scotsman

Using the above additional information, prepare the adjusting entries that should be made by Scotsman Company on September 30

  Officer of your northern travel experience company

Mary Lapointe, the Chief Financial Officer of your Northern Travel Experience company, has advised that the company will be opening an office in Nunavut this year. The office will offer guided northern trips to hunters and adventurers.

  The financial statements for your company are usually posted

The financial statements for your company are usually posted in Item 8 of the SEC 10-K document. Search for the auditor's report

  Explain apparent contradiction between loss and cash flows

The parent company of American Airlines, reported a net loss of $1,834 million from operations. Explain apparent contradiction between loss and cash flows

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