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Obj. 2 The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Vaughn Hours Worked 46 41 48 35 45 36 42 Hourly Rate Answer Check Figure: Total net pay $15,424.12 $68.00 62.00 70.00 56.00 62.00 54.00 62.00 Weekly Salary $1,800 2,000 Federal Income Tax 2. Journalize the entry to record the payroll for the week. $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 U.S. Savings Bonds Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 11/2 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Instructions 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense. $100 110 120 0 130 120 130 125 50

Obj. 2 The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Vaughn Hours Worked 46 41 48 35 45 36 42 Hourly Rate Answer Check Figure: Total net pay $15,424.12 $68.00 62.00 70.00 56.00 62.00 54.00 62.00 Weekly Salary $1,800 2,000 Federal Income Tax 2. Journalize the entry to record the payroll for the week. $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 U.S. Savings Bonds Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 11/2 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Instructions 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense. $100 110 120 0 130 120 130 125 50

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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Chera 201 1. 2. Name Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Vaughn Total Hours 46 41 48 35 45 36 42 Regular 2,720.00 2,480.00 2,800.00 1,960.00 2,480.00 1,800.00 1,944.00 2,000.00 2,480.00 20,664.00 EARNINGS Overtime 612.00 93.00 840.00 465.00 186.00 2,196.00 Sales Salaries Expense Office Salaries Expense Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Bond Deductions Payable Salaries Payable Total 3,332.00 2,573.00 3,640.00 1,960.00 2,945.00 1,800.00 1,944.00 2,000.00 2,666.00 22,860.00 Social Security Tax 199.92 154.38 218.40 117.60 176.70 108.00 116.64 120.00 159.96 1,371.60 PAYROLL FOR WEEK ENDING December 9 Medicare Tax 49.98 38.60 54.60 29.40 44.18 27.00 29.16 30.00 39.99 342.90 DEDUCTIONS Federal Income Tax 750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 4,836.37 19,060.00 3,800.00 U.S. Savings Bond 100.00 110.00 120.00 130.00 120.00 130.00 125.00 50.00 885.00 1,371.60 342.91 4,836.37 885.00 15,424.12 Total 1,100.10 840.66 1,225.64 513.04 992.72 597.45 658.36 673.24 834.67 7,435.87 Net Amount PAID 2,231.90 1,732.34 2,414.36 1,446.96 1,952.28 1,202.55 1,285.64 1,326.76 1,831.33 15,424.13 ... - Ck. No. 901 902 903 904 905 906 907 908 909 ACCOUNTS DEBITED Sales Salaries Expense 3,332.00 2,573.00 3,640.00 1,960.00 2,945.00 1,944.00 2,666.00 19,060.00 Office Salaries Expense 1,800.00 2,000.00 3.800.00
Transcribed Image Text:Chera 201 1. 2. Name Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Vaughn Total Hours 46 41 48 35 45 36 42 Regular 2,720.00 2,480.00 2,800.00 1,960.00 2,480.00 1,800.00 1,944.00 2,000.00 2,480.00 20,664.00 EARNINGS Overtime 612.00 93.00 840.00 465.00 186.00 2,196.00 Sales Salaries Expense Office Salaries Expense Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Bond Deductions Payable Salaries Payable Total 3,332.00 2,573.00 3,640.00 1,960.00 2,945.00 1,800.00 1,944.00 2,000.00 2,666.00 22,860.00 Social Security Tax 199.92 154.38 218.40 117.60 176.70 108.00 116.64 120.00 159.96 1,371.60 PAYROLL FOR WEEK ENDING December 9 Medicare Tax 49.98 38.60 54.60 29.40 44.18 27.00 29.16 30.00 39.99 342.90 DEDUCTIONS Federal Income Tax 750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 4,836.37 19,060.00 3,800.00 U.S. Savings Bond 100.00 110.00 120.00 130.00 120.00 130.00 125.00 50.00 885.00 1,371.60 342.91 4,836.37 885.00 15,424.12 Total 1,100.10 840.66 1,225.64 513.04 992.72 597.45 658.36 673.24 834.67 7,435.87 Net Amount PAID 2,231.90 1,732.34 2,414.36 1,446.96 1,952.28 1,202.55 1,285.64 1,326.76 1,831.33 15,424.13 ... - Ck. No. 901 902 903 904 905 906 907 908 909 ACCOUNTS DEBITED Sales Salaries Expense 3,332.00 2,573.00 3,640.00 1,960.00 2,945.00 1,944.00 2,666.00 19,060.00 Office Salaries Expense 1,800.00 2,000.00 3.800.00
PR 10-4A Payroll summary Obj. 2 The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Vaughn Hours Worked 46 41 48 35 45 36 42 Hourly Rate $68.00 62.00 70.00 56.00 62.00 Answer Check Figure: Total net pay $15,424.12 54.00 62.00 Weekly Salary $1,800 2,000 Federal Income Tax $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 2. Journalize the entry to record the payroll for the week. U.S. Savings Bonds Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 11/2 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Instructions $100 110 120 0 130 120 130 125 50 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense.
Transcribed Image Text:PR 10-4A Payroll summary Obj. 2 The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Vaughn Hours Worked 46 41 48 35 45 36 42 Hourly Rate $68.00 62.00 70.00 56.00 62.00 Answer Check Figure: Total net pay $15,424.12 54.00 62.00 Weekly Salary $1,800 2,000 Federal Income Tax $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 2. Journalize the entry to record the payroll for the week. U.S. Savings Bonds Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 11/2 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Instructions $100 110 120 0 130 120 130 125 50 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Use the following columns: Employee, Total Hours, Regular Earnings, Overtime Earnings, Total Earnings, Social Security Tax, Medicare Tax, Federal Income Tax, U.S. Savings Bonds, Total Deductions, Net Pay, Ck. No., Sales Salaries Expense, and Office Salaries Expense.
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