Assessment 1 Part 3: Computing Payroll Earnings Scenario: G. Smith of Central Ma

Question

Assessment 1 Part 3: Computing Payroll Earnings Scenario: G. Smith of Central Manufacturing Company is paid at the rate of $30 an hour for an eight hour day, with time and and a half for overtime and double time for Sundays and holidays. Regular employment is on the basis of 40 hours a week, five days a week. At the end of the week, the labor time record shows the following: Job or Indirect Labor Su M Tu W Th F Sa Total 007 6 3 2 7 7 25 009 2 5 6 3 6 22 Machine Repair 5 8 13 Total 5 8 8 8 10 13 8 60 Using the data above and the ledger below, compute Smith's total earnings for the week and a prepare the journal entry to distribute Smith's total earnings. Hours x Rate = Total Account Debited Factory Overhead Expense Regular Time and Double Regular Time and Double Gross Work In Overtime M & R a half Time a half Time Earnings Process Premium Sunday indirect 5 Monday direct 8 Tuesday direct 8 Wednesday direct 8 Thursday direct 8 2 Friday direct 8 5 Saturday indirect 8 Totals 40 15 5 Assessment 1 Part 3: Computing Payroll Earnings Scenario: G. Smith of Central Manufacturing Company is paid at the rate of $30 an hour for an eight hour day, with time and and a half for overtime and double time for Sundays and holidays. Regular employment is on the basis of 40 hours a week, five days a week. At the end of the week, the labor time record shows the following: Job or Indirect Labor Su M Tu W Th F Sa Total 007 6 3 2 7 7 25 009 2 5 6 3 6 22 Machine Repair 5 8 13 Total 5 8 8 8 10 13 8 60 Using the data above and the ledger below, compute Smith's total earnings for the week and a prepare the journal entry to distribute Smith's total earnings. Hours x Rate = Total Account Debited Factory Overhead Expense Regular Time and Double Regular Time and Double Gross Work In Overtime M & R a half Time a half Time Earnings Process Premium Sunday indirect 5 Monday direct 8 Tuesday direct 8 Wednesday direct 8 Thursday direct 8 2 Friday direct 8 5 Saturday indirect 8 Totals 40 15 5

Explanation / Answer

Journal entry

Hours x Rate = Total Account Debited Factory Overhead Expense Regular Time and Double Regular Time and Double Gross Work In Overtime M & R a half Time ($30) a half ($45) Time ($60) Earnings Process Premium Sunday indirect 5 $300 Monday direct 8 $240 Tuesday direct 8 $240 Wednesday direct 8 $240 Thursday direct 8 2 $240 $90 Friday direct 8 5 $240 $225 Saturday indirect 8 $360 Totals 40 15 5 $1200 $675 $300 $2175 $1200 $675 $300

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