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 $125 Cobb 43 58 539.92 135 Clemente 45 64 668.44 145 DiMaggio 39 52 377.80 0 Griffey, Jr. 48 64 749.08 155 Mantle $1,700 317.45 145 Robinson 38 53 387.32 155 Williams 2,100 426.24 150 Vaughn 48 64 770.08 40 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1/2 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 ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 116 Supplies 520 Office Salaries Expense 118 Prepaid Insurance 521 Sales Salaries Expense 120 Land 524 Depreciation Expense-Building 525 Delivery Expense 123 Building 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 215 Salaries Payable 539 Product Warranty Expense 216 Social Security Tax Payable 540 Miscellaneous Expense 217 Medicare Tax Payable 710 Interest Eynense Payroll for Week Ending December 9, 20Y8 Deductions Deductions Deductions 1 Earnings Earnings Earnings Deductions Withheld Withheld Withheld Social Security Tax Withheld Federal Income Tax Deductions Withheld Retirement Savings 2 Employee Total Hours Regular Overtime Total Medicare Tax Total 3 Aaron 43.00 $689.44 $125.00 4 Cobb 43.00 539.92 135.00 5 Clemente 45.00 668.44 145.00 6 DiMaggio 39.00 377.80 7 Griffey, Jr. 48.00 749.08 155.00 8 Mantle 317.45 145.00 9 Robinson 38.00 387.32 155.00 10 Williams 426.24 150.00 11 Vaughn 48.00 770.08 40.00 12 Totals $4,925.77 $1,050.00 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. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLIATION ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 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 $125 Cobb 43 58 539.92 135 Clemente 45 64 668.44 145 DiMaggio 39 52 377.80 0 Griffey, Jr. 48 64 749.08 155 Mantle $1,700 317.45 145 Robinson 38 53 387.32 155 Williams 2,100 426.24 150 Vaughn 48 64 770.08 40 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1/2 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 ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 116 Supplies 520 Office Salaries Expense 118 Prepaid Insurance 521 Sales Salaries Expense 120 Land 524 Depreciation Expense-Building 525 Delivery Expense 123 Building 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 215 Salaries Payable 539 Product Warranty Expense 216 Social Security Tax Payable 540 Miscellaneous Expense 217 Medicare Tax Payable 710 Interest Eynense Payroll for Week Ending December 9, 20Y8 Deductions Deductions Deductions 1 Earnings Earnings Earnings Deductions Withheld Withheld Withheld Social Security Tax Withheld Federal Income Tax Deductions Withheld Retirement Savings 2 Employee Total Hours Regular Overtime Total Medicare Tax Total 3 Aaron 43.00 $689.44 $125.00 4 Cobb 43.00 539.92 135.00 5 Clemente 45.00 668.44 145.00 6 DiMaggio 39.00 377.80 7 Griffey, Jr. 48.00 749.08 155.00 8 Mantle 317.45 145.00 9 Robinson 38.00 387.32 155.00 10 Williams 426.24 150.00 11 Vaughn 48.00 770.08 40.00 12 Totals $4,925.77 $1,050.00 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. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLIATION ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7