December 31 The final pay period of the year will not be paid to employees until January 3, 2018. The company will accrue the wages for the final pay period only. Since the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earnings Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year. The company pays for the day of Christmas and the day after for 2017. Employees will be paid for both Monday and Tuesday as holiday pay. Employees worked extra hours on Saturday during the week of 12/24-12/30. Reminder, holidays and vacations are not included as hours worked for calculation of overtime. Complete the Employee Gross Pay tab. Complete the Payroll Register for December 31. Complete the General Journal entries for the December 31 payroll. . Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger. Employee Grosspay Payroll Register General Journal General Ledger Complete the payroll register for the December 31 pay period. (Round your answers to 2 decimal places.) Run Date P/R Date 12/31/2017 1/3/2018 Company Name: Wayland Custom Woodworking Name Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Varden Leonard Hissop M/S # of W/H Hourly Rate: No of Regular Overtime Hours Hours No of No of Holiday Hours Commissions Gross Earnings 401(k) Insurance Taxable Wages for Taxable Wages for Federal W/H FICA M 1 $ 11.53846 88.00 16.00 $ 50.00 $ (50.00) $ (50.00) M 5 36.05769 88.00 16.00 3,125.00 187.50 75.00 2,862.50 3,050.00 M 7 20.91346 88.00 16.00 1,812.50 50.00 75.00 1,687.50 1,737.50 M 2 20.19231 0.00 16.00 50.00 (50.00) (50.00) S 4 23.79808 0.00 16.00 75.00 (75.00) (75.00) Student Success S 1 17.30769 0.00 2.00 16.00 50.00 (50.00) (50.00) Totals $ 4,937.50 $ 237.50 $ 375.00 $4,325.00 $ 4,562.50 Taxable Taxable Name Gross Earning Wages for Wages for Federal W/H Federal W/H FICA Social Security Tax Medicare W/H State W/H Tax Net Pay Check No. Anthony Chinson $ (50.00) $ (50.00) 174586 Mark Wayland 3,125.00 2,862.50 3,050.00 174587 Sylvia Peppinico 1,812.50 1,687.50 1,737.50 174588 Stevon Varden (50.00) (50.00) 174589 Leonard Hissop Student Success (75.00) (75.00) 174590 (50.00) (50.00) 174591 Totals $ 4.937.50 $ 4.325.00 $ 4,562.50 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Complete the question by filling in all answers in the tabs below. Employee Payroll General Grosspay Register Journal General Ledger Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. (Round your answers to 2 decimals.) Last Name Hourly Rate (Rounded to 5 Decimals) Chinson $ Wayland $ Peppinico $ Pay Period Hours 12/16-12/31 11.53846 80 hours (exempt - 16 hours Holiday) 36.05769 80 hours (exempt - 16 hours Holiday) 20.91346 80 hours (exempt - 16 hours Holiday) Regular $ 800.00 Overtime Holiday Commission $ 200.00 $ 1,015.00 $ 2.500.00 $ 625.00 $1,450.00 $ 362.50 Varden $ 20.19231 84 hours (16 Holiday) $ 1,373.08 $ 323.08 Hissop $ 23.79808 82 hours (16 Holiday) $ 1,570.67 $ 380.77 Success $ 17.30769 83 hours (16 Holiday) $ 159.62 $ 276.92 Employer Grosspay Payroll Register >