The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2016:

Employee	Hours Worked	Hourly Rate	Weekly Salary	Federal Income Tax	U.S. Savings Bonds
Aaron	46	$68		$750.20	$135
Cobb	41	62		537.68	145
Clemente	48	70		836.44	155
DiMaggio	35	56		366.04	0
Griffey, Jr.	45	62		641.84	165
Mantle			$1,800	342.45	155
Robinson	36	54		382.56	165
Williams			2,000	398.24	160
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 register for Throwback Industries Inc. for the week ended December 9, 2016. 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

Throwback Industries

General Ledger

	ASSETS
110	Cash
111	Accounts Receivable
112	Interest Receivable
113	Notes Receivable
115	Merchandise 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 Merchandise 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

1. Prepare a payroll register for Throwback Industries Inc. for the week ended December 9, 2016. 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).

Payroll for Week Ending December 9, 2016

1

Earnings

Earnings

Earnings

Deductions

Deductions

Deductions

Deductions

Deductions

Paid

Paid

Account Debited

Account Debited

2

Employee

Total Hours

Regular

Overtime

Total

Social Security Tax

Medicare Tax

Federal Income Tax

U.S. Savings Bond

Total

Net Pay

Ck. No.

Sales Salaries Expense

Office Salaries Expense

3

Aaron

46.00

$750.20

$135.00

#901

4

Cobb

41.00

537.68

145.00

#902

5

Clemente

48.00

836.44

155.00

#903

6

DiMaggio

35.00

366.04

#904

7

Griffey, Jr.

45.00

641.84

165.00

#905

8

Mantle

342.45

155.00

#906

9

Robinson

36.00

382.56

165.00

#907

10

Williams

398.24

160.00

#908

11

Vaughn

42.00

584.72

80.00

#909

12

$4,840.17

$1,160.00

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 1

JOURNAL

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