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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

COMPUTING WEEKLY GROSS PAY Manuel Soto’s regular hourly rate is $12. He receives 1½ times the regular rate for hours worked in excess of 40 a week and double the rate for work on Sunday. During the past week, Soto worked 8 hours each day Monday through Thursday, 11 hours on Friday, and 6 hours on Sunday. Compute Soto’s gross pay for the past week.

To determine

Compute the Person S’s gross pay for the past week.

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.

Compute the Person S’s gross pay for the past week.

Particulars

Hours

(A)

Rate

(B)

Amount in $

(A×B)

Regular hours 40$12 480
Time-and -a half overtime(1) 3(2) $18 54
Double-time overtime6(3) $24 144
Gross pay  678

(Table 1)

Therefore, the Person S’s gross pay for the past week is $678.

Working Notes:

(1) Calculate the hours for the time- and-a half overtime:

Total  hours for the time- and- a half overtime}=(Total number of hours worked on friday) (Total number of hours worked from Monday through Thursday</

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