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xxMikexx [17]
1 year ago
10

Workers compensation rating is developed by applying a rating bureau's job classification rate to what increment of payroll?

Business
1 answer:
igor_vitrenko [27]1 year ago
7 0

Workers compensation rating is developed by applying a rating bureau's job classification rate to each $100 of payroll.

<h3>What is workers' compensation?</h3>

Workers' compensation is actually known to be a program that makes sure that workers are provided with benefits when they are injured or ill on the job or such incidences occur as a result of the job.

This workers' compensation program actually caters for the healthcare benefits of the workers, cash benefits are provided and it still covers insurance.

Thus, we see that workers compensation rating is developed by applying a rating bureau's job classification rate to each $100 of payroll.

Learn more about workers compensation on brainly.com/question/28108147

#SPJ1

You might be interested in
The smaller the required reserve ratio the larger the simple deposit multiplier. Do you agree or disagree with this statement. E
TiliK225 [7]

Answer:

Agree

Explanation:

A deposit multiplier is maximum amount of money that can be created for each unit of reserve. It is key requirement for maintaining economy's basic money supply. The simple deposit multiplier is 1 / rr * change in R. Deposit multiplier is the inverse of reserve ratio. The higher the reserve ratio the lesser will be the deposit multiplier. Reserve ratio is the minimum amount of money that must be kept in the deposit.

8 0
3 years ago
The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment data for the two months ended July 31, 2
Masja [62]

Answer:

PS Music

1. End of Period Spreadsheet

13 Income Summary (Temporary accounts)

14 Fees Earned                      21,200.00

15 Wages Expense                 2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense               925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00

Statement of Retained Earnings (Temporary accounts)

11 Retained Earnings

12 Dividends                       1,750.00

Balance Sheet (Permanent accounts)

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation

-Office Equipment                                          50.00

7 Accounts Payable                                  8,350.00

8 Wages Payable                                          140.00

9 Unearned Revenue                              3,600.00

10 Common Stock                                   9,000.00

11 Retained Earnings

2. PS Music

Income Statement for the year ended July 31, 2016

14 Fees Earned                                        $21,200.00

15 Wages Expense               $2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense               925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00   $16,245.00

Net income                                             $4,955.00

Statement of Retained Earnings for the year ended July 31, 2016

11 Retained Earnings

Net income                      $4,955.00

12 Dividends                       1,750.00

Retained Earnings          $3,205.00

Balance Sheet as of July 31, 2016

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

Current assets                                            $16,845.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation       (50.00)    $7,450.00

Total assets                                               $24,295.00

Liabilities

7 Accounts Payable                8,350.00

8 Wages Payable                        140.00

9 Unearned Revenue            3,600.00   $12,090.00

10 Common Stock                 9,000.00

11 Retained Earnings             3,205.00    $12,275.00

Total liabilities and equity                       $24,295.00

3. A. Closing Journal Entries:

14 Debit Fees Earned $21,200.00

13 Credit Income Summary $21,200.00

To close the Fees Earned to Income Summary.

13 Debit Income Summary $16,245.00

Credit:

15 Wages Expense                 2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense               925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00

To close the expenses to the Income Summary.

13 Debit Income Summary $4,955.00

11 Credit Retained Earnings $4,955.00

To close the net income to retained earnings.

11 Debit Retained Earnings $1,750.00

12 Credit Dividends $1,750.00

To close the dividends to retained earnings.

B. Posting the closing entries:

14 Fees Earned

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                                    21,200.00

Income Summary                 21,200.00

15 Wages Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   2,940.00

Income Summary                                       2,940.00

16 Office Rent Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   2,550.00

Income Summary                                       2,550.00

17 Equipment Rent  Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,375.00

Income Summary                                       1,375.00

18 Utilities Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,215.00

Income Summary                                       1,215.00

19 Music Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   3,610.00

Income Summary                                       3,610.00

20 Advertising Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,500.00

Income Summary                                       1,500.00

21 Supplies Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                       925.00

Income Summary                                        925.00

22 Insurance Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                      225.00

Income Summary                                       225.00

23 Depreciation Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                         50.00

Income Summary                                       50.00

24 Miscellaneous Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                     1,855.00

Income Summary                                      1,855.00

11 Retained Earnings

ACCOUNT TITLE                         DEBIT    CREDIT

Income Summary                                    4,955.00

Dividends                                 1,750.00

Balance                                   3,205.00

12 Dividends

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,750.00

11 Retained Earnings                               1,750.00

4. Post-Closing Trial Balance

August 1, 2016

ACCOUNT TITLE                         DEBIT    CREDIT

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation

-Office Equipment                                          50.00

7 Accounts Payable                                  8,350.00

8 Wages Payable                                          140.00

9 Unearned Revenue                              3,600.00

10 Common Stock                                   9,000.00

11 Retained Earnings                               3,205.00

Total                                    24,345.00 24,345.00

Explanation:

a) Data and Calculations:

PS Music

ADJUSTED TRIAL BALANCE

July 31, 2016

ACCOUNT TITLE                         DEBIT    CREDIT

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation

-Office Equipment                                          50.00

7 Accounts Payable                                  8,350.00

8 Wages Payable                                          140.00

9 Unearned Revenue                              3,600.00

10 Common Stock                                   9,000.00

11 Retained Earnings

12 Dividends                            1,750.00

13 Income Summary

14 Fees Earned                                     21,200.00

15 Wages Expense                 2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense              925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00

25 Totals                           42,340.00 42,340.00

4 0
3 years ago
Sarah owns half of Smith Realty, Inc., and her brother Bill owns the other half. Sarah routinely uses the company car, which is
anzhelika [568]

Answer:

(c) pierce the corporate veil due to Sarah's commingling of interests

Explanation:

Commingling of interests usually occurs when an investment manager or realtor combines client money with their own or their firm's, in violation of a contract. This can occur in legal cases, corporate client accounts and real estate transactions. For example in this case Sarah has violated her rights as a realtor by routinely using their company funds for her own personal uses.

7 0
3 years ago
Read 2 more answers
TarHeel Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased
ddd [48]

Answer:

TarHeel's accounting effective tax rate is 19.95%

Explanation:

The effective tax rate is the hypothetical tax rate adjusted for the tax cost or benefit from permanent difference.

the dividend received deduction reduces the Effective tax rate

= 50,000*21%

= 10,500/1,000,000

= 1.05%.

Effecttive tax rate is 21% - 1.05% = 19.95%

Therefore, TarHeel's accounting effective tax rate is 19.95%

5 0
3 years ago
Bank reserves are $200, the public holds $1000 in currency, and the reserve-deposit ratio is 20%. What is the Value of Bank Depo
Alja [10]

Answer:

What is the Value of Bank Deposits?

bank deposits = bank reserves / required reserve ratio = $200 / 20% = $1,000

What is the Money Supply?

money supply = bank deposits + currency held by the public = $1,000 + $1,00 = $2,000

Suppose that the Fed sells $50 worth of bonds in an "open market sale." Assuming that the public does not wish to change the amount of currency it holds, what is the new money supply after this open market purchase?

if the FED sells $50 worth of bonds, money supply will decrease by $50 x (1 / 20%) = $50 x 5 = $250

total money supply = $2,000 - $250 = $1,750

6 0
3 years ago
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