Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is

Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard workweek consists of 40 hours, with all employees being paid time and one-half for any hours worked beyond the 40 regular hours.

Wages are paid every Friday, with one week's pay being held back by the company. Assume that the first payday for Kipley Company is January 14 for the workweek ending January 8 (Saturday).

You are being asked to complete Kipley's Payroll Register for the pay period ending January 8, 20--. Ms. Glenda B. Robey prepares the Time Clerk's Report for each pay period. This along with the Hourly Wage/Salary Report is provided.

Requirement:

Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference.

Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. For only hourly employees that worked overtime, complete the Overtime Earnings columns (Rate per Hour and Amount). For salaried workers, complete the Regular Earnings column and show the hourly overtime rate and earnings only if overtime was worked.

Record the Total Earnings for each employee by adding the Regular Earnings and the Overtime Earnings.

Kipley's Hourly Wage/Salary Report is provided below, listing each employee's assigned time card number as well as their individual hourly rate or salary.

Time Card No. Employee Name Hourly Wage or Salary
11 Fran M. Carson $17.50 per hour
12 William A. Wilson 17.25 per hour
13 Harry T. Utley 18.10 per hour
21 Lawrence R. Fife 17.90 per hour
22 Lucy K. Smith 19.75 per hour
31 Gretchen R. Fay 515 per week
32 Glenda B. Robey 2,700 per month
33 Thomas K. Schork 3,350 per month
51 Barbara T. Hardy 2,510 per month
99 Carson C. Kipley 52,000 per year

Time Clerk's Report

Glenda B. Robey prepares the time clerk's report for each pay period. The report for the first week of operations is given below.

*Note: All employees, except for Carson Kipley, are paid for hours worked beyond 40 at one and one-half times their regular hourly rate of pay.

TIME CLERK'S REPORT NO. 1
For Period Ending January 8, 20--
Employee Time Record Time Worked* Time Lost
M T W T F S
11 Fran M. Carson 8 8 8 8 8 40
12 William A. Wilson 8 8 8 8 8 8 48
13 Harry T. Utley 8 5 8 8 8 37 2 hrs. tardy
21 Lawrence R. Fife 10 10 8 8 10 46
22 Lucy K. Smith 8 8 8 8 8 40
31 Gretchen R. Fay 8 8 8 8 8 1 41
32 Glenda B. Robey 8 8 8 8 8 40
33 Thomas K. Schork 8 8 8 8 8 40
51 Barbara T. Hardy 8 8 8 8 8 4 44
99 Carson C. Kipley 8 8 8 8 8 40

This is the first task to completing Kipley Company's payroll register. Complete the steps outlined below:

Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference.

Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. For only hourly employees that worked overtime, complete the Overtime Earnings columns (Rate per Hour and Amount). For salaried workers, complete the Regular Earnings column and show the hourly overtime rate and earnings only if overtime was worked.

Record the Total Earnings for each employee by adding the Regular Earnings and the Overtime Earnings.

If an amount box does not require an entry, leave it blank or enter "0". If required, round your intermediate calculations to the nearest cent and use the rounded amounts in subsequent computations. Round fraction values to the nearest two decimal places, e.g. 1 1/2 to 1.50.

KIPLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20 --
Regular Earnings Overtime Earnings
Time Card No. Name Filing Status No. W/H Allow. Hours Worked Rate per Hour Amount Hours Worked Rate per Hour Amount Total Earnings
11 Carson, F. S N/A
12 Wilson, W. S N/A
13 Utley, H. MFJ N/A
21 Fife, L. MFJ N/A
22 Smith, L. S N/A
31 Fay, G. MFJ N/A
32 Robey, G. MFJ N/A
33 Schork, T. S N/A
51 Hardy, B. MFJ N/A
99 Kipley, C. MFJ N/A
Totals

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel G. Short

3rd Edition

0072458836, 978-0072458831

More Books

Students also viewed these Accounting questions

Question

How do employee fraud and management fraud differ?

Answered: 1 week ago

Question

What is learning?

Answered: 1 week ago