Exercise 9-9A Calculating payroll LO 9-5 1:59 Zolnick Enterprises has two hourly employees: Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $250 and $238, respectively. The following information is for the first week in January Year 1: Employee Hours Worked Wage Rate per Hour Kelly 54 $18 Jon 49 $23 Required a. & b. Calculate the gross pay and the net pay for each employee for the week. (Round the intermediate calculations and your final answers to 2 decimal places.) Kelly Jon Gross pay Net pay D Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings $44,030 8,140 16,670 40,500 28,580 23,750 28,650 45,540 ALPHA CO. Classified Balance Sheet As of December 31, Year 1 Current assets $ 0 Total current assets Property, plant and equipment 0 $ 0 Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Classified Balance Sheet As of December 31, Year 1 Current assets $ $ 0 Total current assets Property, plant and equipment 0 Total property, plant and equipment 0 Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0