Question
HELP ASAP!!! :) payroll question!! The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Hours Worked
HELP ASAP!!! :) payroll question!! The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9.
Employee | Hours Worked | Hourly Rate | Weekly Salary | Federal Income Tax | U.S. Savings Bonds |
---|---|---|---|---|---|
Aaron | 46 | $68.00 | $750.20 | $100 | |
Cobb | 41 | 62.00 | 537.68 | 110 | |
Clemente | 48 | 70.00 | 832.64 | 120 | |
DiMaggio | 35 | 56.00 | 366.04 | 0 | |
Griffey, Jr. | 45 | 62.00 | 641.84 | 130 | |
Mantle | $1,800 | 342.45 | 120 | ||
Robinson | 36 | 54.00 | 382.56 | 130 | |
Williams | 2,000 | 398.24 | 125 | ||
Vaughn | 42 | 62.00 | 584.72 | 50 | |
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 employees 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. |
2. | Journalize the entry to record the payroll for the week. |
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Chart of Accounts
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Payroll Summary
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.
Additional Instructions
Payroll for Week Ending December 9 |
2. Journalize the entry to record the payroll for the week.
General Journal Instructions
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9.
Employee | Hours Worked | Hourly Rate | Weekly Salary | Federal Income Tax | U.S. Savings Bonds |
---|---|---|---|---|---|
Aaron | 46 | $68.00 | $750.20 | $100 | |
Cobb | 41 | 62.00 | 537.68 | 110 | |
Clemente | 48 | 70.00 | 832.64 | 120 | |
DiMaggio | 35 | 56.00 | 366.04 | 0 | |
Griffey, Jr. | 45 | 62.00 | 641.84 | 130 | |
Mantle | $1,800 | 342.45 | 120 | ||
Robinson | 36 | 54.00 | 382.56 | 130 | |
Williams | 2,000 | 398.24 | 125 | ||
Vaughn | 42 | 62.00 | 584.72 | 50 | |
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 employees 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. |
2. | Journalize the entry to record the payroll for the week. |
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