Instructions Chart of Accounts Payroll Summary Joumal to Instructions The following data for Throwback Industries Inc relate to the payroll for the week ended December 9 vel Employee Hours Worked Weekly Salary es Federal Income Tax U.S. Savings Bonds Hourly Rate S68.00 Aaron 46 S750.20 $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 14 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 eamings. 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 Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (two decimal places) 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 wording of account titles Previous Next Check My Work Payroll Summary Instructions Chart of Accounts Payroll Summary Chart of Accounts CHART OF ACCOUNTS Throwback Industries General Ledger REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable EXPENSES 510 Cost of Goods Sold 115 Inventory 520 Office Salaries Expense 116 Supplies 521 Sales Salaries Expense 118 Prepaid Insurance 120 Land 524 Depreciation Expense-Building 525 Delivery Expense 123 Building 526 Repairs Expense 529 Selling Expenses 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 534 Supplies Expense 210 Accounts Payable 535 Payroll Tax Expense 213 Interest Payable 214 Notes Payable 538 Cash Short and Over 215 Salaries Payable 539 Product Warranty Expense 540 Miscellaneous Expense 216 Social Security Tax Payable 710 Interest Expense 217 Medicare Tax Pavable Check My Work All work saved. Payroll Summary Instructions Chart of Accounts Payroll Summary Journal Chart of Accounts 116 Supplies 520 Office Salaries Expense 118 Prepaid Insurance 521 Sales Salaries Expense 120 Land 524 Depreciation Expense-Building 123 Building 525 Delivery Expense 124 Accumulated Depreciation-Building 526 Repairs Expense 125 Office Equipment 529 Selling Expenses 126 Accumulated Depreciation Office Equipment 531 Rent Expense 532 Depreciation Expense-Office Equipment LIABILITIES 533 Insurance Expense 210 Accounts Payable 534 Supplies Expense 213 Interest Payable 535 Payroll Tax Expense 214 Notes Payable 538 Cash Short and Over 539 Product Warranty Expense 215 Salaries Payable 540 Miscellaneous Expense 216 Social Security Tax Payable 710 Interest Expense 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 221 Bond Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends 313 Income Summary Check My Work Payroll Summary Instructions Chart of Accounts Payroll Summary Journal Payroll Summary Shaded cells have feedback. X 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. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (two decimal places) Score: 13/321 Payroll for Week Ending December 9 Earnings Earnings Deductions Deductions Eamings Deductions Deductions Deductions Paid Pald Account Debited Account Debited Social Security Employee Total Hours Regular Overtime Total Medicare Tax Federal Income Tax 2 Total US. Savings Bond Net Pay Ok. No. Sales Salaries Expense Office Salaries Expense Tax $750.20 $100.00 #901 5 46.00 Aaron 537.68 110.00 #902 Cobb 41.00 832.64 120.00 #903 5 Clemente 48.00 366.04 #904 6 6 DiMaggio 35.00 641.84 130.00 #905 7 Griffey,dc. 45.00 342.45 120.00 2906 Mantle 382.56 130,00 #907 9 Robinson 36.00 398.24 125.00 #908 Williams 58472 50.00 #909 11 Vaughn 42.00 $4,836.37 $885.00 12 Points 3.12177 Feedback Check My Work h Previous Ne Check My Work Instructions Chart of Accounts Payroll Summary Journal Journal Shaded cells have feedback X 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 wording of account titles Question not attempted. PAGE 1 JOURNAL Score: 0/85 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 2 - 5 5. 7 Points 0715 Feedback v Check My Work Remember that employee earnings have to be allocated to taxes, other deductions, and net pay