Employee Hours Worked Hourly Rate U.S. Savings Bonds Weekly Salary Federal Income Tax $750 20 Aaron 46 $68.00 $100 Cobb 110 41 62.00 537.68 Clemente 48 70.00 83264 120 0 DiMaggio 35 366.04 56,00 130 45 141.84 Griffey Jr. 62.00 $1,800 342.45 120 Mantle 382 56 130 Robinson 36 54 00 2.000 125 398 24 Williams 58472 50 Vaughn 42 62.00 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 6.0% and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No 901 Required: 1. Prepare a payroll summary for Throwback Industries Inc for the week ended December 9 Assume the normal working hours in a week are 40 hours. Entor amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (ho decimo places) 2. Journakze the entry to record the payroll for the week of required, round your answers to ho decimal proces. Refer to the chart of Accounts for exact wording of account is ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance EXPENSES 510 Cost of Goods Sold 520 Office Salaries Expense 521 Sales Salaries Expense 120 Land 123 Building 124 Accumulated Depreciation-Building 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 125 Office Equipment 529 Selling Expenses Hulated Depreciation Office Equipment 531 Rent Expense LIABILITIES 532 Depreciation Expense-Office Equipment 533 Insurance Expense 210 Accounts Payable 213 Interest Payable 534 Supplies Expense 535 Payroll Tax Expense 214 Notes Payable 215 Salaries Payable 538 Cash Short and Over 216 Social Security Tax Payable 217 Medicare Tax Payable 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense 218 Employees Federal Income Tax Payable 221 U.S. Saving Bond Deductions Payable 224 Federal Unemployment 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 EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Payroll Summary . Earnings Earnings Earnings Deductions Deductions Employee Deductions Social Security Tax Total Hours Regular Overtime Total Medicare Tax Federal Income Tax Aaron 46.00 $750.20 Cobb 41.00 53768 Clemente 48.00 832.64 35.00 366.04 DiMaggio Griffey 45.00 641.14 Mante 342.45 Robinson 56,00 382.56 10 398.24 Williams Vaughn 58477 42.00 5483637 12 Journal 2. Journalize 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 wordin titles JOURNAL ACCOUNTING EQU DATE LITIES DESCRIPTION POSTRE nswers to two decimal places. Refer to the Chart of Accounts for exact wording of account PAGE 1 ACCOUNTING EQUATION DEBIT POST. REF. CREDIT ASSETS LIABILITIES EQUITY