From the Following Data,calculate the Estimate Annual Advance Premium for Workers

question 80

Essay

From the following data,calculate the estimate annual advance premium for workers' compensation insurance and record it in general journal form.
$$\begin{array} { l c c } \text { Department } & \text { Estimated Payroll } & \text { Rate per } \$ 100 \\\text { Office } & \$ 50,000 & \$ 0.24 \\\text { Warehouse } & 40,000 & 1.40 \\\text { Sales } & 75,000 & 0.90\end{array}$$

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Definitions:

Economic Life

The period during which an asset is expected to be useful and economically viable.

Lease-purchase Analysis

An evaluation to determine whether leasing or purchasing assets is more cost-effective for a business or individual.

Maintenance

The upkeep required to ensure machinery, buildings, or software remains operational and in good condition.

Insurance Premium

The amount paid for an insurance policy, typically on a regular basis, in exchange for coverage.