Instructions The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Aaron Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds 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 122 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 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 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 btles CHART OF ACCOUNTS Throwback Industries General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies REVENUE 410 Sales 610 Interest Revenue 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable EXPENSES 510 Cost of Goods Sold 520 Office Salaries Expense 521 Sales Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense TTO Prepaid misurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare 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 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 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. Enter amounts as pos decimal places) L Employee Payroll for Week Ending December 9 Eamings Earnings Earnings Deductions Deductions Deductions Ded Total Hours Regular Overtime Total Social Security Tax Federal Income Medicare Tax US. Sav Tax $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 584.72 $4,836.37 Aaron 46.00 4 Cobb 41.00 Clemente 48.00 DiMaggio 35.00 7 Griffey, Jr. 45.00 3 Mantle 9 Robinson 36.00 10 Williams 11 Vaughn 42.00 12 Payroll Summary nal 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 Payroll for Week Ending December 9 Deductions Deductions Deductions Deductions Deductions Paid Paid Account Debited Account Debited Social Security Federal Income Sales Salaries Office Salaries Medicare Tax U.S.Savings Bond Total Net Pay Ck. No. Tax Tax Expense Expense $750.20 $100.00 #901 537.68 110.00 #9021 832.64 120.00 #903 366.04 #904 641.84 130.00 #905 342.45 120.00 #906 382.56 130.00 #907 398.24 125.00 #908 584.72 50.00 #909 $4,836.37 $885.00 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. DATE DESCRIPTION 1 2 JOURNAL PAGE 1 ACCOUNTING EQUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY