Question

The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Hours Worked Weekly Salary Federal Income Tax Aaron Hourly Rate $68.00 62.00 U.S. Savings Bonds $100 $750.20 Cobb 537.68 110 Clemento 70.00 832.64 120 DiMaggio 56.00 366.04 Griffey, Jr. 62.00 641.84 Mantle $1,800 342.45 Robinson 54.00 382.56 Williams 2,000 398 24 125 Vaughn 62.00 584.72

Answer 1

1) Preparing a Payroll Register for Throwback Industries:
Throwback Industries Inc.
Payroll Register
For the week ended Dec 9 20Y8
		Earnings	Earnings	Earnings	Deductions Withheld	Deductions Withheld	Deductions Withheld	Deductions Withheld	Deductions Withheld	Paid	Paid	Account Debited	Account Debited
Employee	Total Hours	Regular	Overtime	Total	Social Secutiry Tax	Medicare Tax	Fedral Income Tax	US Savings Bonds	Total	Net Pay	Ck.No	Sales Salaries Expense	Office Salaries Expense
a	b	c	d	e	f = e*6%	g = e*1.5%	h	i	j =f+g+h+i	k = e-j	l	m	n
Aaron	46	$2,720.00	$612.00	$3,332.00	$199.92	$49.98	$750.20	$100.00	$1,100.10	$2,231.90	901	$3,332.00
Cobb	41	$2,480.00	$93.00	$2,573.00	$154.38	$38.60	$537.68	$110.00	$840.66	$1,732.35	902	$2,573.00
Clemente	48	$2,800.00	$840.00	$3,640.00	$218.40	$54.60	$832.64	$120.00	$1,225.64	$2,414.36	903	$3,640.00
DiMaggio	35	$1,960.00	$0.00	$1,960.00	$117.60	$29.40	$366.04	$0.00	$513.04	$1,446.96	904	$1,960.00
Grifey Jr	45	$2,480.00	$465.00	$2,945.00	$176.70	$44.18	$641.84	$130.00	$992.72	$1,952.29	905	$2,945.00
Mantle				$1,800.00	$108.00	$27.00	$342.45	$120.00	$597.45	$1,202.55	906		$1,800.00
Robinson	36	$1,944.00	$0.00	$1,944.00	$116.64	$29.16	$382.56	$130.00	$658.36	$1,285.64	907	$1,944.00
Williams				$2,000.00	$120.00	$30.00	$398.24	$125.00	$673.24	$1,326.76	908		$2,000.00
Vaughn	42	$2,480.00	$186.00	$2,666.00	$159.96	$39.99	$584.72	$50.00	$834.67	$1,831.33	909	$2,666.00
Total		$16,864.00	$2,196.00	$22,860.00	$1,371.60	$342.90	$4,836.37	$885.00	$7,435.87	$15,424.13		$19,060.00	$3,800.00

2) Preparing the Journal Entry to Record the Payroll for the Week:
Date	General Journal			Debit	Credit
9-Dec	Sales Salaries Expense			$   19,060.00
	Office Salaries Expense			$     3,800.00
	Social Security Tax Payable				$     1,371.60
	Medicare Tax Payable				$        342.90
	Employees Federal Income Tax Payable				$     4,836.37
	US Savings Bonds Deductions Payable				$        885.00
	Salaries Payable				$ 15,424.13
	(To record payroll expense for the week)

Throwback Industries Inc.
Calculation of Earnings
For the week ended Dec 9 20Y8
		Regular Earnings			Overtime Earnings			Total Earnings
Name	Total Hours Worked	Normal Hours	Rate per Hour	Regular Earnings Amount	Overtime Hours	Rate per Hour	Overtime Earnings Amount
a	b	c	d	e=c*d	f	g = 1.5*d	h =f*g	i=e+h
Aaron	46.00	40.00	$                   68.00	2,720.00	6.00	102.00	612.00	3,332.00
Cobb	41.00	40.00	$                   62.00	2,480.00	1.00	93.00	93.00	2,573.00
Clemente	48.00	40.00	$                   70.00	2,800.00	8.00	105.00	840.00	3,640.00
DiMaggio	35.00	35.00	$                   56.00	1,960.00	0.00	84.00	0.00	1,960.00
Grifey Jr	45.00	40.00	$                   62.00	2,480.00	5.00	93.00	465.00	2,945.00
Robinson	36.00	36.00	$                   54.00	1,944.00	0.00	81.00	0.00	1,944.00
Vaughn	42.00	40.00	$                   62.00	2,480.00	2.00	93.00	186.00	2,666.00
Totals				16,864.00			2,196.00	19,060.00

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