Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard work week consists of 40 hours, with all employees being paid time and one- half for any hours worked beyond the 40 regular hours. Wages are paid every Friday, with one week's pay being held back by the company. Assume that the first payday for Kipley Company is January 14 for the workweek ending January 8 (Saturday). You are being asked to complete Kipley's Payroll Register for the pay period ending January 8, 20--. Ms. Glenda B. Robey prepares the Time Clerk's Report for each pay period. This along with the Hourly Wage Salary Report is provided. Requirement: 1. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. 2. Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. For only hourly employees that worked overtime, complete the Overtime Earnings columns (Rate per Hour and Amount). For salaried workers, complete the Regular Earnings column and show the hourly overtime rate and earnings only if overtime was worked. 3. Record the Total Earnings for each employee by adding the Regular Earnings and the Overtime Earnings Hourly Wage/Salary Report Kipley's Hourly Wage/Salary Report is provided below, listing each employee's assigned time card number as well as their individual hourly rate or salary.
Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard work week consists of 40 hours, with all employees being paid time and one- half for any hours worked beyond the 40 regular hours. Wages are paid every Friday, with one week's pay being held back by the company. Assume that the first payday for Kipley Company is January 14 for the workweek ending January 8 (Saturday). You are being asked to complete Kipley's Payroll Register for the pay period ending January 8, 20--. Ms. Glenda B. Robey prepares the Time Clerk's Report for each pay period. This along with the Hourly Wage Salary Report is provided. Requirement: 1. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. 2. Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. For only hourly employees that worked overtime, complete the Overtime Earnings columns (Rate per Hour and Amount). For salaried workers, complete the Regular Earnings column and show the hourly overtime rate and earnings only if overtime was worked. 3. Record the Total Earnings for each employee by adding the Regular Earnings and the Overtime Earnings Hourly Wage/Salary Report Kipley's Hourly Wage/Salary Report is provided below, listing each employee's assigned time card number as well as their individual hourly rate or salary.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Kipley Company is a small manufacturing firm located in Pittsburgh,
Pennsylvania. The company has a workforce of both hourly and salaried
employees. Each employee is paid for hours actually worked during each week,
with the time worked being recorded in quarter-hour increments. The standard
work week consists of 40 hours, with all employees being paid time and one-
half for any
hours worked beyond the 40 regular hours. Wages are paid every
Friday, with one week's pay being held back by the company. Assume that the
first payday for Kipley Company is January 14 for the workweek ending
January 8 (Saturday).
You are being asked to complete Kipley's Payroll Register for the pay period
ending January 8, 20--. Ms. Glenda B. Robey prepares the Time Clerk's
Report for each pay period. This along with the Hourly Wage Salary Report
is provided.
Requirement:
1. Record the regular hours and the overtime hours worked for each employee,
using the time clerk's report as your reference.
2. Complete the Regular Earnings columns (Rate per Hour and Amount) for
hourly employees. For only hourly employees that worked overtime, complete
the Overtime Earnings columns (Rate per Hour and Amount). For salaried
workers, complete the Regular Earnings column and show the hourly overtime
rate and earnings only if overtime was worked.
3. Record the Total Earnings for each employee by adding the Regular
Earnings and the Overtime Earnings
Hourly Wage/Salary Report
Kipley's Hourly Wage/Salary Report is provided below, listing each
employee's assigned time card number as well as their individual hourly rate
or salary.
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