Example 6-1 Chris Collins (the first employee in Figure 6.1) earns $15.20 per ho

Question

Example 6-1

Chris Collins (the first employee in Figure 6.1) earns $15.20 per hour and worked 44 hours. His pay would be (using the overtime premium approach):

John Torre is the only employee of Bambert Company. His pay rate is $19.70 per hour with an overtime rate of 1½ times for hours over 40 in a workweek.

For the week ending March 31, 20--, he worked 44 hours. Calculate his gross pay for the week using the overtime premium approach to calculate the overtime pay.

Part A: Regular Pay, Part B: Overtime Premium Pay, and Part C: Gross Pay

Round your answers to the nearest cent.

Part D: Torre's Salary in the First Quarter

d. Since the company holds back one week of pay, Torre will not be paid until April 7, 20--. What adjusting entry would the company make in order to record Torre's salary in the first quarter of this year?

If an amount box does not require an entry, leave it blank or enter "0".

Explanation / Answer

a Regular pay 788 =40*19.7 Overtime premium pay 118.20 =4*19.7*1.5 Gross pay 906.2 d Salaries and wages expense 906.2          Salaries and wages payable 906.2

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