Problem 12-9 Preparing the Payroll RegisterShowbiz Video has six employees who are paid weekly. The hourly employees are paid overtime for hoursworked over 40 in a week, at a rate 12 times their regular rate of pay. Employee information follows:EmployeeMary ArcomporaBarbara FoxEmployee Number105Marital StatusAllowancesMarriedMarriedJohn FrenchChris German137135141SingleMarried4.David Ifkovic139129SingleMarriedSusan TilbertMary Arcompora, the store manager, is paid a salary of $300.00 per week plus 1% of all rentalsales. Barbara Fox and John French, salespeople, are paid a salary of $200.00 per week plus a 6%commission on all rentals from the "Oldies but Goodies" section. Chris German and David Ifkovic, officeworkers, are paid an hourly wage of $7.25. Susan Tilbert, a stock person, is paid $7.40 per hour.The payroll deductions include federal income tax, social security tax of 6.2%, Medicare tax of1.45%, and state income tax of 1.8%. Chris German and Susan Tilbert have $12.50 deducted each weekfor hospital insurance. German worked 41 hours, Ifkovic worked 38.5 hours, and Tilbert worked 34 hours.During the week ending October 24, "Oldies but Goodies" rentals were $484.90 for Barbara Fox and$641.70 for John French. Total rental revenue for the week was $3,917.30.NO.141NAMEChris Cerman449-XX-XXXXDaoper 24, 20–Soc sEC NWEEK ENDINGCAY0.70.780512:03 1:00 5:058:0012:05 1:10 5:009:05/12:05 1:15 6:058:3011:55 1:15 6:008:00 12:00 1:00 6:15211 01 DATE OFPAY PERIOD ENDING20-20PAYMENTNETСК.EARNINGSDEDUCTIONSEMPLOYEEMAR.TOTALNAMEALLOWRATESOC. SEC.FED. INC.STATE INC.HOSP. INSOTHERSTOTALPAYNO.NUMBERSTATUSHOURSREGULAROVERTIMETOTALMED. TAXTAXTAXTAX10236.9.101110121113141315141617151816171825127.

Chris German has worked more than 40 hours, so his hourly rate for 1 hour overtime is 1.5 times…

Answered: Preparing the Payroll Register

Business

Accounting

Preparing the Payroll Register

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2RE: Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.

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A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 days
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