I\'ll rate The following data for Throwback Industries Inc. relate to the payrol
ID: 2526731 • Letter: I
Question
I'll rate
The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8:
Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ 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.
Chart of Accounts
Payroll Register
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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 and round your intermediate calculations and final answers to the nearest whole cent (two decimal places).
Score: 15/315
Payroll for Week Ending December 9, 20Y8
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
Retirement Savings
Total
Net Pay
Ck. No.
Sales Salaries Expense
Office Salaries Expense
3
Aaron
43.00
$689.44
$105.00
#901
4
Cobb
43.00
539.92
115.00
#902
5
Clemente
45.00
668.44
125.00
#903
6
DiMaggio
39.00
377.80
#904
7
Griffey, Jr.
48.00
749.08
135.00
#905
8
Mantle
317.45
125.00
#906
9
Robinson
38.00
387.32
135.00
#907
10
Williams
426.24
130.00
#908
11
Vaughn
48.00
770.08
70.00
#909
12
$4,925.77
$940.00
Points:
3.57 / 75
Journal
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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.
How does grading work?
PAGE 1
JOURNAL
ACCOUNTING EQUATION
Score: 71/85
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Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax Retirement Savings Aaron 43 $70 $689.44 $105 Cobb 43 58 539.92 115 Clemente 45 64 668.44 125 DiMaggio 39 52 377.80 0 Griffey, Jr. 48 64 749.08 135 Mantle $1,700 317.45 125 Robinson 38 53 387.32 135 Williams 2,100 426.24 130 Vaughn 48 64 770.08 70Explanation / Answer
ans a Deductions Deductions Deductions Payroll register C S M F U D Accounts debited Employee Total hours T Hourly Rate H Weekly Salary Earning Regular 40*H earnings Overtime (T-40)*H*1.5 Total earning C social security taxes C*6% Medicare taxes C*1.5% Federal Income Tax Retirement Savings Total deduction D=S+M+F+U Net Pay C-D Sales saleries expenses Office salaries expenses Aaron 43 $70 $2,800.00 $315.00 $3,115.00 $186.90 $46.73 $689.44 $105 $1,028.07 $2,086.94 $3,115.00 Cobb 43 58 $2,320.00 $261.00 $2,581.00 $154.86 $38.72 539.92 115 $848.50 $1,732.51 $2,581.00 Clemente 45 64 $2,560.00 $480.00 $3,040.00 $182.40 $45.60 668.44 125 $1,021.44 $2,018.56 $3,040.00 Dimaggio 39 52 $2,028.00 $2,028.00 $121.68 $30.42 377.8 0 $529.90 $1,498.10 $2,028.00 Griffery 48 64 $2,560.00 $768.00 $3,328.00 $199.68 $49.92 749.08 135 $1,133.68 $2,194.32 $3,328.00 mantle $1,700 $1,700 $1,700.00 $102.00 $25.50 317.45 125 $569.95 $1,130.05 $1,700.00 Robbinson 38 53 $2,014.00 $2,014.00 $120.84 $30.21 387.32 135 $673.37 $1,340.63 $2,014.00 Williams 2,100 $2,100 $2,100.00 $126.00 $31.50 426.24 130 $713.74 $1,386.26 $2,100.00 Voughan 48 64 $2,560.00 $768.00 $3,328.00 $199.68 $49.92 770.08 70 $1,089.68 $2,238.32 $3,328.00 Total $20,642.00 $2,592.00 $23,234.00 $1,394.04 $348.51 $4,925.77 $940 $7,608.32 $15,625.68 $19,434.00 $3,800.00 ans b Accounts title Dr Cr Assets Liabilities equity Sales salaries expenses $19,434.00 ($19,434.00) Office salaries expenses $3,800.00 ($3,800.00) Social Security taxes payable $1,394.04 $1,394.04 Medicare taxes payable $348.51 $348.51 Employees Federal Income taxes payable $4,925.77 $4,925.77 Retirement Savings Deductions Payable $940.00 $940.00 Salaries Payable $15,625.68 $15,625.68 (being payroll recorded) If any doubt please comment
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