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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Determine the gross pay for each employee listed below.

  1. a. Clay Jones is paid time-and-a-half for all hours over 40. He worked 45 hours during the week. His regular pay rate is $25 per hour.
  2. b. Mary James worked 48 hours during the week. She is entitled to time-and-a-half for all hours in excess of 40 per week. Her regular pay rate is $20 per hour.
  3. c. Lori Terry is paid a commission of 10 percent of her sales, which amounted to $23,650.
  4. d. Nicole Smith’s yearly salary is $95,500. During the week, she worked 46 hours, and she is entitled to time-and-a-half for all hours over 40.

To determine

Ascertain the gross pay for the given employees.

Explanation

Gross pay:

Gross pay is a payment made to an employee for completion of work allocated by the company. Gross pay is computed by using normal hours worked by the employee with hourly wages rate.

a.

Ascertain the gross pay for the Employee CJ.

ParticularsHours×RateAmount in $
Straight time40×$25.00 $1,000
Overtime5×$37.50 $187.50
Gross pay   $1,187.50

(Table 1)

b.

Ascertain the gross pay for the Employee MJ.

ParticularsHours×RateAmount in $
Straight time40×$20.00 $800
Overtime8×$30.00 $240.00
Gross pay   $1,040.00

(Table 2)

c.

Ascertain the gross pay for the Employee LT.

Gross pay per week for Employee LT} = (Amount of sales made by the Employee LT)×Percentage of commission=$23,650×10%=$2,365.00

d.

Ascertain the gross pay for the Employee NS.

ParticularsHours×RateAmount in $
Straight time40×(2) $45

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