Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates asfollows:1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rateto 2 decimal places before multiplying by one and one-half to determine the overtime rate).2.If the third decimal place is 5 or more, round to the next higher cent.3.If the third decimal place is less than 5, simply drop the third decimal place.Examples: Monthly rate $1,827Weekly rate ($1,827 x 12)/52 = $421.615 rounded to $421.62Hourly rate $421.62/40 = $10.540 rounded to $10.54O.T. rate $10.54 x 1.5 = $15.81Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.Example 2-9John Dilcher is paid an hourly rate of $18.50 per hour, and he worked 49 hours this week. His gross pay is:40 hours x $18.50= $740.00 regular earnings9 hours x $27.75 ($18.50 x 1.5) =249.75 overtime earningsTotal gross pay$989.75John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany. He left Sunday at noon and arrived in Albany at 3:00 P.M. During the week, he worked hisnormal 40 hours in the Albany office (Monday through Friday-9 A.M. to 5 P.M.). In addition, he attended the company's mandatory 4-hour work training session on Wednesday evening. Porter's hourly rate of pay is $24.80 per hour.Round the overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent.a. Porter's overtime earnings for the week are$b. Porter's total earnings for the week are

Overtime is the extra time an employee dedicated to the company's work or his or her job and…

John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany. He left Sunday at noon arrived in Albany at 3:00 P.M. During the week, he worked hia normal 40 hours in the Albany office (Monday through Friday-9 A.M. to 5 P.M.). In addition, he attended the company's mandatory 4-hour work training session on Wednesday evening. Porter's hourly rate of pay is $24.80 per hour. Round the overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. a. Porter's overtime earnings for the week are b. Porter's total earnings for the week are

John Porter is an hourly employee of Motter Company located in New York City. This week, Porter had to travel to the company's regional office in Albany. He left Sunday at noon arrived in Albany at 3:00 P.M. During the week, he worked hia normal 40 hours in the Albany office (Monday through Friday-9 A.M. to 5 P.M.). In addition, he attended the company's mandatory 4-hour work training session on Wednesday evening. Porter's hourly rate of pay is $24.80 per hour. Round the overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. a. Porter's overtime earnings for the week are b. Porter's total earnings for the week are

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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Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 12)/52 Hourly rate $421.62/40% $10.540 rounded to $10.54 O.T. rate $10.54 x 1.5 = $15.81 $421.615 rounded to $421.62 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827Weekly rate ($1,827 × 12)/52 = $421.615 rounded to $421.62Hourly rate $421.62/40 = $10.540 rounded to $10.54O.T. rate $10.54 × 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 2-17 Nancy Seigle earns a monthly salary of $3,100 for a 35-hour week. For overtime she receives her regular hourly rate of pay for the hours up to 40 and time and one-half beyond 40…
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827Weekly rate ($1,827 × 12)/52 = $421.615 rounded to $421.62Hourly rate $421.62/40 = $10.540 rounded to $10.54O.T. rate $10.54 × 1.5 = $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 2-10 John Dilcher's is paid an hourly rate of $18.50 per hour, and he worked 49 hours this week. His pay would be calculated as follows: 49 hours × $18.50 = $906.50 9 hours ×…
Question text Compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Use the minimum hourly wage of $7.25 in solving this problem. Larisa is paid a biweekly salary of $937.50. Overtime is paid for hours beyond 40 in each workweek. One week, Fall works 3 hours overtime. Larisa's pay for this biweekly pay period is __________.
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