Instructions The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax Retirement Savings Aaron 43 $70 $689.44 $105 Cobb 43 58 539.92 115 Clemente 45 64 668.44 125 39 52 377.80 0 DiMaggio Griffey, Jr. 48 64 749.08 135 Mantle $1,700 317.45 125 Robinson 38 53 387.32 135 Williams 2,100 426.24 130 Vaughn 48 64 770.08 80 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 12 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 register for Throwback Industries Inc. for the week ended December 9, 2018. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your intermediate calculations and final answers to two decimal places. 2. Journalize the entry to record the payroll for the week. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. If required, round your answers to two decimal places. Chart of Accounts CHART OF ACCOUNTS Throwback Industries Inc. General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise 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 710 Interest Expense 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 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing Payroll Register 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 2078. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your intermediate calculations and final answers to two decimal places. Payroll for Week Ending December 9, 20Y8 Deductions Deductions Deductions Deductions 1 Earnings Earnings Earnings Deductions Withheld Paid Paid Accounts Debited Accounts Debited Withheld Withheld Withheld Social Security Withheld Federal Income Tax Sales Salaries Office Salaries 2 Employee Total Hours Regular Overtime Total Medicare Tax Retirement Savings Total Net Pay Ck. No. Tax Expense Expense 3 Aaron 43.00 $689.44 $105.00 901.00 4 Cobb 43.00 539.92 115.00 902.00 5 Clemente 45.00 668.44 125.00 903.00 6 DiMaggio 39.00 377.80 904.00 7 Griffey, Jr. 48.00 749.08 135.00 905.00 8 Mantle 317.45 125.00 906.00 9 Robinson 38.00 387.32 135.00 907.00 10 Williams 426.24 130.00 908.00 11 Vaughn 48.00 770.08 80.00 909.00 12 Totals $4.925.77 $950.00 Journal 2. Journalize the entry to record the payroll for the week. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. If required, round your answers to two decimal places. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 5 6 Instructions The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax Retirement Savings Aaron 43 $70 $689.44 $105 Cobb 43 58 539.92 115 Clemente 45 64 668.44 125 39 52 377.80 0 DiMaggio Griffey, Jr. 48 64 749.08 135 Mantle $1,700 317.45 125 Robinson 38 53 387.32 135 Williams 2,100 426.24 130 Vaughn 48 64 770.08 80 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 12 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 register for Throwback Industries Inc. for the week ended December 9, 2018. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your intermediate calculations and final answers to two decimal places. 2. Journalize the entry to record the payroll for the week. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. If required, round your answers to two decimal places. Chart of Accounts CHART OF ACCOUNTS Throwback Industries Inc. General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise 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 710 Interest Expense 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 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing Payroll Register 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 2078. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers. Round your intermediate calculations and final answers to two decimal places. Payroll for Week Ending December 9, 20Y8 Deductions Deductions Deductions Deductions 1 Earnings Earnings Earnings Deductions Withheld Paid Paid Accounts Debited Accounts Debited Withheld Withheld Withheld Social Security Withheld Federal Income Tax Sales Salaries Office Salaries 2 Employee Total Hours Regular Overtime Total Medicare Tax Retirement Savings Total Net Pay Ck. No. Tax Expense Expense 3 Aaron 43.00 $689.44 $105.00 901.00 4 Cobb 43.00 539.92 115.00 902.00 5 Clemente 45.00 668.44 125.00 903.00 6 DiMaggio 39.00 377.80 904.00 7 Griffey, Jr. 48.00 749.08 135.00 905.00 8 Mantle 317.45 125.00 906.00 9 Robinson 38.00 387.32 135.00 907.00 10 Williams 426.24 130.00 908.00 11 Vaughn 48.00 770.08 80.00 909.00 12 Totals $4.925.77 $950.00 Journal 2. Journalize the entry to record the payroll for the week. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. If required, round your answers to two decimal places. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 5 6