Calculate his gross pay for the week using the overtime premium approach to calculate the overtime pay.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 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.
Account
Debit
Credit
Transcribed Image Text: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. Account Debit Credit
Part A: Regular Pay, Part B: Overtime Premium Pay, and Part C: Gross Pay
Round your answers to the nearest cent.
a. Regular pay
b. Overtime premium pay
c. Gross pay
Transcribed Image Text:Part A: Regular Pay, Part B: Overtime Premium Pay, and Part C: Gross Pay Round your answers to the nearest cent. a. Regular pay b. Overtime premium pay c. Gross pay
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