Homework Help is Here – Start Your Trial Now!
Business
Finance
Please fill out the payroll summary below  for Throwback Industries Inc. for the week ended December 9. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (two decimal places).   Payroll for Week Ending December 9 1     Earnings Earnings Earnings Deductions Deductions Deductions Deductions Deductions Paid Paid Account Debited Account Debited 2 Employee Total Hours Regular Overtime Total Social Security Tax Medicare Tax Federal Income Tax U.S. Savings Bond Total Net Pay Ck. No. Sales Salaries Expense Office Salaries Expense 3 Aaron 46.00           $750.20 $100.00     #901     4 Cobb 41.00           537.68 110.00     #902     5 Clemente 48.00           832.64 120.00     #903     6 DiMaggio 35.00           366.04       #904     7 Griffey, Jr. 45.00           641.84 130.00     #905     8 Mantle             342.45 120.00     #906     9 Robinson 36.00           382.56 130.00     #907     10 Williams             398.24 125.00     #908     11 Vaughn 42.00           584.72 50.00     #909     12               $4,836.37 $885.00                 2. Please fill out the the entry to record the payroll for the week. If required, round your answers to two decimal places. Refer to the Chart of Accounts for exact wording of account titles.     ACCOUNTING EQUATION     DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1                 2                 3                 4                 5                 6                 7                   References/ additional information:

Please fill out the payroll summary below  for Throwback Industries Inc. for the week ended December 9. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (two decimal places).   Payroll for Week Ending December 9 1     Earnings Earnings Earnings Deductions Deductions Deductions Deductions Deductions Paid Paid Account Debited Account Debited 2 Employee Total Hours Regular Overtime Total Social Security Tax Medicare Tax Federal Income Tax U.S. Savings Bond Total Net Pay Ck. No. Sales Salaries Expense Office Salaries Expense 3 Aaron 46.00           $750.20 $100.00     #901     4 Cobb 41.00           537.68 110.00     #902     5 Clemente 48.00           832.64 120.00     #903     6 DiMaggio 35.00           366.04       #904     7 Griffey, Jr. 45.00           641.84 130.00     #905     8 Mantle             342.45 120.00     #906     9 Robinson 36.00           382.56 130.00     #907     10 Williams             398.24 125.00     #908     11 Vaughn 42.00           584.72 50.00     #909     12               $4,836.37 $885.00                 2. Please fill out the the entry to record the payroll for the week. If required, round your answers to two decimal places. Refer to the Chart of Accounts for exact wording of account titles.     ACCOUNTING EQUATION     DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1                 2                 3                 4                 5                 6                 7                   References/ additional information:

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
See similar textbooks
icon
Related questions
Question
1. Please fill out the payroll summary below  for Throwback Industries Inc. for the week ended December 9. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (two decimal places).
 
Payroll for Week Ending December 9
1
 
 
Earnings
Earnings
Earnings
Deductions
Deductions
Deductions
Deductions
Deductions
Paid
Paid
Account Debited
Account Debited
2
Employee
Total Hours
Regular
Overtime
Total
Social Security Tax
Medicare Tax
Federal Income Tax
U.S. Savings Bond
Total
Net Pay
Ck. No.
Sales Salaries Expense
Office Salaries Expense
3
Aaron
46.00
 
 
 
 
 
$750.20
$100.00
 
 
#901
 
 
4
Cobb
41.00
 
 
 
 
 
537.68
110.00
 
 
#902
 
 
5
Clemente
48.00
 
 
 
 
 
832.64
120.00
 
 
#903
 
 
6
DiMaggio
35.00
 
 
 
 
 
366.04
 
 
 
#904
 
 
7
Griffey, Jr.
45.00
 
 
 
 
 
641.84
130.00
 
 
#905
 
 
8
Mantle
 
 
 
 
 
 
342.45
120.00
 
 
#906
 
 
9
Robinson
36.00
 
 
 
 
 
382.56
130.00
 
 
#907
 
 
10
Williams
 
 
 
 
 
 
398.24
125.00
 
 
#908
 
 
11
Vaughn
42.00
 
 
 
 
 
584.72
50.00
 
 
#909
 
 
12
 
 
 
 
 
 
 
$4,836.37
$885.00
 
 
 
 
 
 
 
 
2. Please fill out the the entry to record the payroll for the week. If required, round your answers to two decimal places. Refer to the Chart of Accounts for exact wording of account titles.
 
 
ACCOUNTING EQUATION
 
  DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
 
 
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
6
 
 
 
 
 
 
 
 
7
 
 
 
 
 
 
 
 
 

References/ additional information:
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 Hourly Rate Require 4 F82 4 46 41 48 35 45 36 42 $68.00 62.00 70.00 56.00 62.00 54.00 62.00 Weekly Salary $1,800 2,000 Federal Income Tax U.S. Savings Bonds $750.20 $100 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 110 120 0 130 120 130 50 125 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ times the regular rate for all hours in excess of 40 hours 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.
Transcribed Image Text: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 Hourly Rate Require 4 F82 4 46 41 48 35 45 36 42 $68.00 62.00 70.00 56.00 62.00 54.00 62.00 Weekly Salary $1,800 2,000 Federal Income Tax U.S. Savings Bonds $750.20 $100 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 110 120 0 130 120 130 50 125 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ times the regular rate for all hours in excess of 40 hours 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.
Payroll Summary Instructions Chart of Accounts Chart of Accounts ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land CHART OF ACCOUNTS Throwback Industries EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends General Ledger 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 221 U.S. Saving Bond Deductions Payable' 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Office Salaries Expense 521 Sales Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense
Transcribed Image Text:Payroll Summary Instructions Chart of Accounts Chart of Accounts ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land CHART OF ACCOUNTS Throwback Industries EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends General Ledger 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 221 U.S. Saving Bond Deductions Payable' 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Office Salaries Expense 521 Sales Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS