Question

In: Accounting

posting second times don't give me wrong ans just do payroll register I'll rate The following...

posting second times don't give me wrong ans just do payroll register I'll rate

The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8:

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 70

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.

Required:
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).
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 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 Retirement Savings Deductions Payable
224 Federal Unemployment Tax Payable
225 State Unemployment Tax Payable
EQUITY
310 Owner, Capital
311 Owner, Drawing
312 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

Payroll Register

Shaded cells have feedback.

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: 261/315

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:

62.14 / 75

Journal

Shaded cells have feedback.

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: 85/85

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

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2

?

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?

3

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4

?

?

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5

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6

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7

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Solutions

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