December 31 The final pay period of the year will not be paid to employees until January 3, 2020. The company will accrue the wages for the final pay period only. Because 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 Earning 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 Christmas Eve and the day of Christmas for 2019. Employees will be paid for both Tuesday and Wednesday as holiday pay. Standard time for the pay period was 96 hours, but employees worked extra hours on Saturday during the week of 12/23- 12/27. 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 Gross pay Payroll Register General 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 Regular Holiday Commission $ 1,015.00 Chinson Wayland Peppinico Varden Hourly Rate (Rounded ed Pay Period Hours 12/16-12/31 to 5 Decimals) 11.5384696 hours (exempt - 16 hours Holiday) $ 36.05769 96 hours (exempt - 16 hours Holiday) $ 20.91346 96 hours (exempt - 16 hours Holiday) 20.19231 98 hours (16 Holiday) 23.79808 97 hours (16 Holiday) $ 17.30769 99 hours (16 Holiday) Overtime $ 0.00 $ 0.00 $ 0.00 Hissop Success $ $ $ 323.08 380.77 276.92 T
December 31 The final pay period of the year will not be paid to employees until January 3, 2020. The company will accrue the wages for the final pay period only. Because 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 Earning 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 Christmas Eve and the day of Christmas for 2019. Employees will be paid for both Tuesday and Wednesday as holiday pay. Standard time for the pay period was 96 hours, but employees worked extra hours on Saturday during the week of 12/23- 12/27. 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 Gross pay Payroll Register General 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 Regular Holiday Commission $ 1,015.00 Chinson Wayland Peppinico Varden Hourly Rate (Rounded ed Pay Period Hours 12/16-12/31 to 5 Decimals) 11.5384696 hours (exempt - 16 hours Holiday) $ 36.05769 96 hours (exempt - 16 hours Holiday) $ 20.91346 96 hours (exempt - 16 hours Holiday) 20.19231 98 hours (16 Holiday) 23.79808 97 hours (16 Holiday) $ 17.30769 99 hours (16 Holiday) Overtime $ 0.00 $ 0.00 $ 0.00 Hissop Success $ $ $ 323.08 380.77 276.92 T
