FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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2-10A • LO 3, 4
See Figure 2.3 on page 2-21
Potts, Inc., recently converted from a 5-day, 40-hour workweek to a 4-day, 40-hour workweek, with overtime con-
tinuing to be paid at one and one-half times the regular hourly rate for all hours worked beyond 40 in the week. In
this company, time is recorded under the continental system, as shown on the time card below.
Sue Ellen Boggs is part of the Group B employees whose regular workweek is Tuesday through Friday. The work-
ing hours each day are 800 to 1200; 1230 to 1630; and 1800 to 2000. The company disregards any time before 800,
between 1200 and 1230, and between 1630 and 1800, and permits employees to ring in up to 10 minutes late before
any deduction is made for tardiness. Deductions are made to the nearest 4 of an hour for workers who are more
than 10 minutes late in ringing in.
Refer to the time card and compute:
a. The daily total hours.
b. The total hours for the week.
c. The regular weekly earnings.
d. The overtime earnings (commpany rounds O.T. rate to 3 decimal places).
e. The total weekly earnings...
2$
2$
No.
160
Hr. Rate $10.45
Name
Sue Ellen Boggs
O.T. Rate $15.675
Time Mon Tues Wed Thurs Fri
Sat
2002 2001 2005 2000
1801 1809 1802 1800
1630 1631 1630 1635
1230 1231 1230 1238
1200 1202 1200 1203 1201
Total for
755 750
813
759 800
Week
Daily (a)
Totals
(b)
Remarks /3 minutis late
Thursday -deduct 4 hv.
Morning Afternoon Evening
In Out In Out In Out
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Transcribed Image Text:2-10A • LO 3, 4 See Figure 2.3 on page 2-21 Potts, Inc., recently converted from a 5-day, 40-hour workweek to a 4-day, 40-hour workweek, with overtime con- tinuing to be paid at one and one-half times the regular hourly rate for all hours worked beyond 40 in the week. In this company, time is recorded under the continental system, as shown on the time card below. Sue Ellen Boggs is part of the Group B employees whose regular workweek is Tuesday through Friday. The work- ing hours each day are 800 to 1200; 1230 to 1630; and 1800 to 2000. The company disregards any time before 800, between 1200 and 1230, and between 1630 and 1800, and permits employees to ring in up to 10 minutes late before any deduction is made for tardiness. Deductions are made to the nearest 4 of an hour for workers who are more than 10 minutes late in ringing in. Refer to the time card and compute: a. The daily total hours. b. The total hours for the week. c. The regular weekly earnings. d. The overtime earnings (commpany rounds O.T. rate to 3 decimal places). e. The total weekly earnings... 2$ 2$ No. 160 Hr. Rate $10.45 Name Sue Ellen Boggs O.T. Rate $15.675 Time Mon Tues Wed Thurs Fri Sat 2002 2001 2005 2000 1801 1809 1802 1800 1630 1631 1630 1635 1230 1231 1230 1238 1200 1202 1200 1203 1201 Total for 755 750 813 759 800 Week Daily (a) Totals (b) Remarks /3 minutis late Thursday -deduct 4 hv. Morning Afternoon Evening In Out In Out In Out
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