December 31 The final pay period of the year will not be paid to employees until January 4, 2023. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year. The company pays holiday pay for December 26, 2022. Reminder, holidays and vacations are not included as hours worked for calculation of overtime. • Complete the Employee Gross Pay tab. Complete the Payroll Register for December 31. • Complete the General Journal entries for the December 31 payroll. Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger. Complete the question by filling in all answers in the tabs below. Employee Gross pay Last Name Payroll Register Chinson Wayland Peppinico Cooper Hissop Student Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. Note: Round answers for hourly rate or period wages to 5 decimal places and all other answers to 2 decimals. General Journal Hourly Rate or Period Wage (Round to 5 decimal) $ $ $ $ $ $ General Ledger Pay Period Hours 12/16-12/31 2,000.00000 88 hours (exempt - 8 hours Holiday) 3,541.66667 88 hours (exempt - 8 hours Holiday) 2,437.50000 88 hours (exempt - 8 hours Holiday) 29.80769 90 hours (8 Holiday) 24.75962 89 hours (8 Holiday) 20.19231 91 hours (8 Holiday) $ $ $ Regular Overtime 1,630.77 $ 0.00 $ 2,887.82 $ 0.00 $ 1,987.50 $ 0.00 $ $ $ $ Holiday Commission 276.92 $ 1,015.00 490.38 337.50 357.69 297.12 242.31

December 31 The final pay period of the year will not be paid to employees until January 4, 2023. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year. The company pays holiday pay for December 26, 2022. Reminder, holidays and vacations are not included as hours worked for calculation of overtime. • Complete the Employee Gross Pay tab. Complete the Payroll Register for December 31. • Complete the General Journal entries for the December 31 payroll. Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger. Complete the question by filling in all answers in the tabs below. Employee Gross pay Last Name Payroll Register Chinson Wayland Peppinico Cooper Hissop Student Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. Note: Round answers for hourly rate or period wages to 5 decimal places and all other answers to 2 decimals. General Journal Hourly Rate or Period Wage (Round to 5 decimal) $ $ $ $ $ $ General Ledger Pay Period Hours 12/16-12/31 2,000.00000 88 hours (exempt - 8 hours Holiday) 3,541.66667 88 hours (exempt - 8 hours Holiday) 2,437.50000 88 hours (exempt - 8 hours Holiday) 29.80769 90 hours (8 Holiday) 24.75962 89 hours (8 Holiday) 20.19231 91 hours (8 Holiday) $ $ $ Regular Overtime 1,630.77 $ 0.00 $ 2,887.82 $ 0.00 $ 1,987.50 $ 0.00 $ $ $ $ Holiday Commission 276.92 $ 1,015.00 490.38 337.50 357.69 297.12 242.31

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6MC

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