### Determining Gross Pay with Overtime**Problem Statement:**A man earns $15.50 per hour with time and a half for overtime and he worked 48 hours during a recent week. Find his gross pay for the week.**Calculation Steps:**1. **Normal Hours and Overtime:** - Typically, a standard work week is 40 hours. Any hours worked beyond this will be considered overtime. - Standard hours worked: 40 hours - Overtime hours worked: 48 hours - 40 hours = 8 hours2. **Overtime Pay Rate:** - Overtime is paid at time and a half. Therefore, the overtime pay rate is 1.5 times the standard hourly rate. - Standard hourly rate = $15.50 - Overtime hourly rate = $15.50 × 1.5 = $23.253. **Calculating Gross Pay:** - Pay for standard hours: 40 hours × $15.50/hour = $620.00 - Pay for overtime hours: 8 hours × $23.25/hour = $186.00 - Total gross pay for the week: $620.00 + $186.00 = $806.00**Answer:**The man’s gross pay for the week was **$806.00**.(Round to the nearest cent as needed.)

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A man earns $15.50 per hour with time and a half for overtime and he worked 48 hours during a recent week. Find his gross pay for the week. The man's gross pay for the week was S (Round to the nearest cent as needed.)

A man earns $15.50 per hour with time and a half for overtime and he worked 48 hours during a recent week. Find his gross pay for the week. The man's gross pay for the week was S (Round to the nearest cent as needed.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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