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The following data for Throwback Industries Inc. relate to the payroll

The total amount paid to employees for a certain period.

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	$120
Cobb	41	62		537.68	130
Clemente	48	70		836.44	140
DiMaggio	35	56		366.04	0
Griffey, Jr.	45	62		641.84	150
Mantle			$1,800	342.45	140
Robinson	36	54		382.56	150
Williams			2,000	398.24	145
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.

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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 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

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Payroll Register

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).

Question not attempted.

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	$120.00			#901
4	Cobb	41.00						537.68	130.00			#902
5	Clemente	48.00						836.44	140.00			#903
6	DiMaggio	35.00						366.04				#904
7	Griffey, Jr.	45.00						641.84	150.00			#905
8	Mantle							342.45	140.00			#906
9	Robinson	36.00						382.56	150.00			#907
10	Williams							398.24	145.00			#908
11	Vaughn	42.00						584.72	80.00			#909
12								$4,840.17	$1,055.00

Solution

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	$120.00			#901
4	Cobb	41.00						537.68	130.00			#902
5	Clemente	48.00						836.44	140.00			#903
6	DiMaggio	35.00						366.04				#904
7	Griffey, Jr.	45.00						641.84	150.00			#905
8	Mantle							342.45	140.00			#906
9	Robinson	36.00						382.56	150.00			#907
10	Williams							398.24	145.00			#908
11	Vaughn	42.00						584.72	80.00			#909
12								$4,840.17	$1,055.00

Points:

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Journal

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

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7

Solution

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7

Points:

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