The following data for Throwback Industries Inc relate to the payroll for the week ended December 9 Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax U S Savings Bonds Aaron 46 $68 $750 20 $130 Cobb 41 62 537 68 140 Clemente 48 70 836 44 150 DiMaggio 35 56 366 04 0 Griffey, Jr 45 62 641 84 160 Mantle $1,800 342 45 150 Robinson 36 54 382 56 160 Williams 2,000 398 24 155 Vaughn 42 62 584 72 80 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 employees 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 titles Chart of Accounts CHART OF ACCOUNTS Throwback Industries General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 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 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 221 Bond Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue 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 710 Interest Expense

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The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Hours Worked Hourly Rate Weekly Salary Federal

The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9.

Employee	Hours Worked	Hourly Rate	Weekly Salary	Federal Income Tax	U.S. Savings Bonds
Aaron	46	$68		$750.20	$130
Cobb	41	62		537.68	140
Clemente	48	70		836.44	150
DiMaggio	35	56		366.04	0
Griffey, Jr.	45	62		641.84	160
Mantle			$1,800	342.45	150
Robinson	36	54		382.56	160
Williams			2,000	398.24	155
Vaughn	42	62		584.72	80

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 employees 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 titles.

Chart of Accounts

CHART OF ACCOUNTS

Throwback Industries

General Ledger

	ASSETS
110	Cash
111	Accounts Receivable
112	Interest Receivable
113	Notes Receivable
115	Inventory
116	Supplies
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
217	Medicare Tax Payable
218	Employees Federal Income Tax Payable
221	Bond Deductions Payable
224	Federal Unemployment Tax Payable
225	State Unemployment Tax Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	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
710	Interest Expense