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leek Ending December 9, 20Y8

leek Ending December 9, 20Y8

FINANCIAL ACCOUNTING
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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The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Hours Hourly Weekly Federal Retirements Employee Worked Rate Salary Income Tax Savings Aaron 44 $30 $317.40 S65 Cobb 42 42 388.29 40 Clemente 45 26 234.65 105 DIMaggio 36 40 302.4 105 Griffey, Jr. 48 38 414.96 60 Mantle $2,020 484.80 110 Robinson 38 34 193.80 40 Williams 2,260 497.20 80 Vaughn 43 46 409.40 40 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1% times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6%, and Medicare tax is 1.5% of each employee's annual earmings. The next payroll check to be used is No. 901. Required: 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 20Y8. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your intermediate calculations and final answers to the nearest whole cent (two decimal places). Payroll for Week Ending December 9, 20Y8 Earnings Deductions Withheld Paid Accounts Debited Federal Sales Office Total Social Security Tax Medicare Income Retirement Salaries Salaries Ck. No. Name Hours Regular Overtime Total Тах Тах Savings Total Net Pav Expense Expense Aaron 44 $317.40 $65 901 Cobb 42 388.29 40 902 Clemente 45 234.65 105 903 DIMaggio 36 302.40 105 904 Griffey, Jr. 48 414.96 60 905 Mantle 484,80 110 906 Robinson 38 193.80 40 907 Williams 497.20 80 908 Vaughn 43 409.40 40 909 Totals 2. Journalize the entry to record the payroll for the week. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
Transcribed Image Text:The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Hours Hourly Weekly Federal Retirements Employee Worked Rate Salary Income Tax Savings Aaron 44 $30 $317.40 S65 Cobb 42 42 388.29 40 Clemente 45 26 234.65 105 DIMaggio 36 40 302.4 105 Griffey, Jr. 48 38 414.96 60 Mantle $2,020 484.80 110 Robinson 38 34 193.80 40 Williams 2,260 497.20 80 Vaughn 43 46 409.40 40 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1% times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6%, and Medicare tax is 1.5% of each employee's annual earmings. The next payroll check to be used is No. 901. Required: 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 20Y8. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your intermediate calculations and final answers to the nearest whole cent (two decimal places). Payroll for Week Ending December 9, 20Y8 Earnings Deductions Withheld Paid Accounts Debited Federal Sales Office Total Social Security Tax Medicare Income Retirement Salaries Salaries Ck. No. Name Hours Regular Overtime Total Тах Тах Savings Total Net Pav Expense Expense Aaron 44 $317.40 $65 901 Cobb 42 388.29 40 902 Clemente 45 234.65 105 903 DIMaggio 36 302.40 105 904 Griffey, Jr. 48 414.96 60 905 Mantle 484,80 110 906 Robinson 38 193.80 40 907 Williams 497.20 80 908 Vaughn 43 409.40 40 909 Totals 2. Journalize the entry to record the payroll for the week. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
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