Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2016 Employee Aaron Cobb Clemente DiMaggio Griffey, Jr.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 2016 Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Vaughn Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds $115 125 135 S641.84 623.92 835.88 376.68 681.60 292.45 418.40 370.24 702.60 45 562 67 49 38 46 54 145 135 145 140 50 63 $1,600 38 56 1,900 46 63 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 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, 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

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

Modern Internal Auditing An Operational Approach

Authors: Victor Zinn Brink

3rd Edition

0471065242, 978-0471065241

More Books

Students also viewed these Accounting questions

Question

=+show awareness of the influence of taxation on cash flows;

Answered: 1 week ago