Unless instructed otherwise, compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Refer to Instruction 2-1 Jones works a 37 1/2 hour week at $10.75 an hour. Overtime hours are paid at 1 1/2 times the regular rate. (a) Jones' regular weekly earnings are ____________. (b) Jones' overtime rate is _____________. (c) If Jones works 6 hours overtime during one week, calculate Jones' total gross earnings ____________.
Unless instructed otherwise, compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Refer to Instruction 2-1 Jones works a 37 1/2 hour week at $10.75 an hour. Overtime hours are paid at 1 1/2 times the regular rate. (a) Jones' regular weekly earnings are ____________. (b) Jones' overtime rate is _____________. (c) If Jones works 6 hours overtime during one week, calculate Jones' total gross earnings ____________.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Unless instructed otherwise, compute hourly rate and overtime rates as follows:
| 1. | Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). |
| 2. | If the third decimal place is 5 or more, round to the next higher cent. |
| 3. | If the third decimal place is less than 5, drop the third decimal place. |
Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
Refer to Instruction 2-1 Jones works a 37 1/2 hour week at $10.75 an hour. Overtime hours are paid at 1 1/2 times the regular rate.
(a) Jones' regular weekly earnings are ____________.
(b) Jones' overtime rate is _____________.
(c) If Jones works 6 hours overtime during one week, calculate Jones' total gross earnings ____________.
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