**Transcription for Educational Website**---**Example Calculation of Earnings for Sheila Williams**Sheila Williams, a medical secretary, earns $3,575 monthly for a 35-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40 hours in any week. During one semimonthly pay period, Williams worked 10 hours overtime. Only 2 hours of this overtime were beyond 40 hours in any one week. Compute the following amounts.**Instructions: Round all divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent.**1. **The regular semimonthly earnings**: - **Incorrect Calculation**: $1,787.502. **The overtime earnings**: - **Incorrect Calculation**: $186.783. **The total earnings**: - **Incorrect Calculation**: $1,474.28**Feedback for Calculations:**- **Regular Semimonthly Earnings (a):** - Divide monthly earnings by 2 to get semimonthly earnings.- **Overtime Earnings (b):** - Annualize monthly earnings; divide by 52 weeks; divide by 35 hours to get hourly rate. - Multiply by 1.5 to get overtime rate. - Multiply hours over 40 by overtime rate to calculate overtime earnings.- **Total Earnings (c):** - Total regular and overtime earnings.*Note: There seems to be an error in the calculations. Follow the feedback to ensure accurate computation.*---

a) Following is the calculation of semi monthly earnings: Monthly earnings / 2 = $3,575 / 2 =…

Sheila Williams, a medical secretary, earns $3,575 monthly for a 35-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40 hours in any week. During one semimonthly pay period, Williams worked 10 hours overtime. Only 2 hours of this overtime were beyond 40 hours in any one week. Compute the following amounts. Round all divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent. a. The regular semimonthly earnings 1,787.50 V b. The overtime earnings 186.78 X C. The total earnings 1,474.28 X

Sheila Williams, a medical secretary, earns $3,575 monthly for a 35-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40 hours in any week. During one semimonthly pay period, Williams worked 10 hours overtime. Only 2 hours of this overtime were beyond 40 hours in any one week. Compute the following amounts. Round all divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent. a. The regular semimonthly earnings 1,787.50 V b. The overtime earnings 186.78 X C. The total earnings 1,474.28 X

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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