BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

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

COMPUTING OVERTI ME RATE OF PAY AND GROSS WEEKLY PAY Mike Fritz receives a regular salary of $3,120 a month and is paid 1½ times the regular hourly rate for hours worked in excess of 40 per week.

(a) Calculate Fritz’s overtime rate of pay. (Compute to the nearest half cent.)

(b) Calculate Fritz’s total gross weekly pay if he works 46 hours during the week.

(a)

To determine

Calculate Person F’s overtime rate of pay.

Explanation

Calculate F’s overtime rate of pay.

Total rate of overtime=Regular hourly rate ×(1.5 times increase in for hours worked over 40 a week)=$18.75(3)×1.5=$28.125

Therefore, the overtime rate of pay is $28.125.

Working Notes:

(1) Calculate the amount of annual pay:

Amount of annual  pay = Regular salary for a month × 12 months = $3,250×12

2.

To determine

Calculate Person F’s total gross weekly pay if Person F works for 46 hours during the week.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Define net exports and net capital outflow. Explain how they are related.

Brief Principles of Macroeconomics (MindTap Course List)

What is commodity money? What is flat money? Which kind do we use?

Principles of Macroeconomics (MindTap Course List)

If a typical firm reports 20 million of retained earnings on its balance sheet, could its directors declare a 2...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)