Instructions The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2048: Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax Retirement Savings 43 $70 $689.44 $105 Aaron Cobb 43 58 539.92 115 Clemente 45 64 668.44 125 39 52 377.80 0 48 64 749.08 135 DiMaggio Griffey, Jr. Mantle Robinson $1,700 317.45 125 38 53 387.32 135 Williams 2,100 426.24 130 Vaughn 48 64 770.08 50 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, 20Y8. 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 ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 510 Cost of Merchandise Sold 520 Office Salaries Expense 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 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 Shaded cells have feedback. 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 20Y8. 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 Score: 43/306 Deductions Deductions Deductions Deductions Earnings Earnings Earnings Deductions Withheld Paid Paid Accounts Debited Accounts Debited Withheld Withheld Withheld Withheld Retirement Office Salaries Employee Total Hours Regular Overtime Total Social Security Tax Medicare Tax Federal Income Tax Total Net Pay Ck. No. Sales Salaries Expense Savings Expense 3 Aaron 43.00 2,800.00 $689.44 $105.00 901.00 4 Cobb 43.00 2,320.00 539.92 115.00 902.00 Clemente 45.00 2,560.00 668.44 125.00 903.00 DiMaggio 39.00 2,028.00 377.80 904.00 Griffey, Jr. 48.00 2,560.00 749.08 135.00 905.00 8 Mantle 317.45 125.00 906.00 Robinson 38.00 2,014.00 387.32 135.00 907.00 10 Williams 426.24 130.00 908.00 11 Vaughn 48.00 2,560.00 770.08 50,00 909.00 12 Totals $4,925.77 $920.00 Points: 10.54 / 75 Journal Shaded cells have feedback. 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. How does grading work? PAGE 1 JOURNAL Score: 74/85 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Sales Salaries Expense 19,434.00 1 2 Office Salaries Expense 3,800.00 + 3 1,394.04 1 Social Security Tax Payable Medicare Tax Payable 4 348.51 5 Employees Federal Income Tax Payable 4,925.77 1 Retirement Savings Deductions Payable Salaries Payable Points: 13.06 / 15 Feedback Check My Work Remember that employee earnings have to be allocated to taxes, other deductions, and net pay. Instructions The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2048: Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax Retirement Savings 43 $70 $689.44 $105 Aaron Cobb 43 58 539.92 115 Clemente 45 64 668.44 125 39 52 377.80 0 48 64 749.08 135 DiMaggio Griffey, Jr. Mantle Robinson $1,700 317.45 125 38 53 387.32 135 Williams 2,100 426.24 130 Vaughn 48 64 770.08 50 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, 20Y8. 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 ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 510 Cost of Merchandise Sold 520 Office Salaries Expense 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 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 Shaded cells have feedback. 1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 20Y8. 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 Score: 43/306 Deductions Deductions Deductions Deductions Earnings Earnings Earnings Deductions Withheld Paid Paid Accounts Debited Accounts Debited Withheld Withheld Withheld Withheld Retirement Office Salaries Employee Total Hours Regular Overtime Total Social Security Tax Medicare Tax Federal Income Tax Total Net Pay Ck. No. Sales Salaries Expense Savings Expense 3 Aaron 43.00 2,800.00 $689.44 $105.00 901.00 4 Cobb 43.00 2,320.00 539.92 115.00 902.00 Clemente 45.00 2,560.00 668.44 125.00 903.00 DiMaggio 39.00 2,028.00 377.80 904.00 Griffey, Jr. 48.00 2,560.00 749.08 135.00 905.00 8 Mantle 317.45 125.00 906.00 Robinson 38.00 2,014.00 387.32 135.00 907.00 10 Williams 426.24 130.00 908.00 11 Vaughn 48.00 2,560.00 770.08 50,00 909.00 12 Totals $4,925.77 $920.00 Points: 10.54 / 75 Journal Shaded cells have feedback. 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. How does grading work? PAGE 1 JOURNAL Score: 74/85 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Sales Salaries Expense 19,434.00 1 2 Office Salaries Expense 3,800.00 + 3 1,394.04 1 Social Security Tax Payable Medicare Tax Payable 4 348.51 5 Employees Federal Income Tax Payable 4,925.77 1 Retirement Savings Deductions Payable Salaries Payable Points: 13.06 / 15 Feedback Check My Work Remember that employee earnings have to be allocated to taxes, other deductions, and net pay