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 $68.00 $750.20 $100 Cobb 62.00 537.68 110 Clemente 70.00 832.64 120 DiMaggio 56.00 62.00 366.04 641.84 Griffey, Jr. Mantle $1,800 342.45 120 54.00 382.56 Robinson Williams 2,000 398.24 125 Vaughn 62.00 584.72 50 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 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 REVENUE ASSETS 110 Cash 410 Sales 610 Interest Revenue 111 Accounts Receivable 112 Interest Receivable EXPENSES 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 510 Cost of Goods Sold 520 Office Salaries Expense 120 Land 123 Building 521 Sales Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 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 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 U.S. Saving Bond Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 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 amour (two decimal places). Payroll for Week Ending December 9 Earnings Eamings Earings Deductions Deductions Deductions Social Security Tax Federal Income Employee Total Hours Regular Overtime Total Medicare Tax Tax Aaron 46.00 2.720.00 612.00 3,332.00 1,992.00 49.98 $750.20 Cobb 41.00 537.68 Clemente 48.00 832.64 DiMaggio 366.04 35.00 45.00 Griffey, Jr. 641.84 Mantle 342.45 Robinson 36.00 382.56 Williams 398.24 Vaughn 42.00 584.72 $4,836.37 O hours. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent December 9 Deductions Deductions Paid Paid Federal Income Account Debited Sales Salaries Expense Account Debited Office Salaries Expense Total Net Pay Deductions U.S. Savings Bond $100.00 110.00 Ck No. Tax $750.20 1,099.38 #901 537.68 #902 832.64 120.00 #903 366.04 #904 641.84 130.00 #905 342.45 120.00 #906 382.56 130.00 #907 398.24 125.00 #908 584.72 50.00 #909 $4,836.37 $885.00 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 PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUIT 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 $68.00 $750.20 $100 Cobb 62.00 537.68 110 Clemente 70.00 832.64 120 DiMaggio 56.00 62.00 366.04 641.84 Griffey, Jr. Mantle $1,800 342.45 120 54.00 382.56 Robinson Williams 2,000 398.24 125 Vaughn 62.00 584.72 50 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 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 REVENUE ASSETS 110 Cash 410 Sales 610 Interest Revenue 111 Accounts Receivable 112 Interest Receivable EXPENSES 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 510 Cost of Goods Sold 520 Office Salaries Expense 120 Land 123 Building 521 Sales Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 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 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 U.S. Saving Bond Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 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 amour (two decimal places). Payroll for Week Ending December 9 Earnings Eamings Earings Deductions Deductions Deductions Social Security Tax Federal Income Employee Total Hours Regular Overtime Total Medicare Tax Tax Aaron 46.00 2.720.00 612.00 3,332.00 1,992.00 49.98 $750.20 Cobb 41.00 537.68 Clemente 48.00 832.64 DiMaggio 366.04 35.00 45.00 Griffey, Jr. 641.84 Mantle 342.45 Robinson 36.00 382.56 Williams 398.24 Vaughn 42.00 584.72 $4,836.37 O hours. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent December 9 Deductions Deductions Paid Paid Federal Income Account Debited Sales Salaries Expense Account Debited Office Salaries Expense Total Net Pay Deductions U.S. Savings Bond $100.00 110.00 Ck No. Tax $750.20 1,099.38 #901 537.68 #902 832.64 120.00 #903 366.04 #904 641.84 130.00 #905 342.45 120.00 #906 382.56 130.00 #907 398.24 125.00 #908 584.72 50.00 #909 $4,836.37 $885.00 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 PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUIT