Time Sheet Date(s) 7/04/22 7/05/22 7/06/22 7/07/22 7/08/22 7/09/22 7/10/22 + Add new row B Total...

Transcribed Image Text:

Time Sheet Date(s) 7/04/22 7/05/22 7/06/22 7/07/22 7/08/22 7/09/22 7/10/22 + Add new row B Total Work Week Hours 40.00 I Elsa Kennedy U Time In T 8:56 AM 7:45 AM 8:58 AM 9:00 AM 8:57 AM 9:00 AM Time In Copy last week T Tx ID 19958 Total Hours Worked Lunch Start 1:03 PM 1:04 PM 1:02 PM 1:00 PM 12:59 PM Lunch Start Lunch Start Save as template E Rhaheem Jackson E ? Lunch End 1:30 PM 1:59 PM 2:00 PM 1:57 PM 1:58 PM Lunch End Lunch End Overtime Hours 100 This week Time Out 6:05 PM 6:02 PM 6:05 PM 6:00 PM 5:59 PM 1:05 PM Time Out ? Using Excel, prepare a payroll journal for the week for Elsa Kennedy. Use the following headings (where WH = withholding): Date, Employee ID, Pay Rate Regular, Hours Regular, Hours Overtime, Gross Pay, Federal Tax WH, FICA WH, Medicare WH, Retirement Contribution WH, Net Pay 99 Hours Worked ? ? ? ? ? ? > ? T T O Word(s) To illustrate your understanding of the impact of this employee's weekly payroll on the financial statements, prepare a composite entry in general journal format to reflect an alternative to recording the weekly payroll entry for Elsa Kennedy in the payroll journal. B I U T 7 LE M 144 100 lilil 99 T T O Word(s) At the Woolie Nelson Clothing Factory, the normal workweek for full-time factory employees is 40 hours, measured from 12:01 a.m. Monday through midnight the following Sunday. Time worked in excess of 40 hours is paid at the overtime rate of time-and-a-half. The factory operates two eight-hour shifts a day, which run from 12:01 a.m. to 9 a.m. (the first shift) and 9 a.m. to 6 p.m. (the second shift) on weekdays. Employees are entitled to a one-hour unpaid meal break, beginning four hours after their shift starts. The company's time-tracking and recordkeeping policy is as follows: Departments are required to use the approved online timekeeping system for the final submission of time. Time records are the basic source of information for payroll purposes and must be accurate. Falsification of time or unauthorized submission is a serious offense and may result in termination. Supervisors or managers must approve time records for accuracy and completeness. Supervisors and employees share the responsibility of ensuring an accurate record of time worked. Employees must accurately report time and make supervisors aware when problems arise. Supervisors are responsible for proper adherence to all policies, including but not limited to time tracking and recordkeeping. In the recording system, employees should certify and approve their time prior to a supervisor or manager's approval. All hourly employees must punch in/out using the approved online timekeeping system. Employees are not permitted to work "off the clock" or voluntarily work without pay. Employees must record and be compensated for all time worked. In order to be paid for a full shift, hourly employees must record time in and out within seven minutes of when a shift or lunch break begins and ends. This statement refers to the method of pay computation and does not imply permission to be up to seven minutes late or to leave seven minutes early. The following withholding rates are in effect at the company: Federal income taxes are 20% of gross pay minus employee retirement contributions. State income taxes are 0 (some states have none). Social Security (FICA) is 6.2% of gross pay. Medicare is 1.45% of gross pay. Employee retirement contribution is 5% of gross pay. Elsa Kennedy is an hourly factory worker earning $21.25 an hour. She works the second shift. Her timesheet report generated by the information system for the week ending 07/10/2022 follows. Time Sheet Date(s) 7/04/22 7/05/22 7/06/22 7/07/22 7/08/22 7/09/22 7/10/22 + Add new row B Total Work Week Hours 40.00 I Elsa Kennedy U Time In T 8:56 AM 7:45 AM 8:58 AM 9:00 AM 8:57 AM 9:00 AM Time In Copy last week T Tx ID 19958 Total Hours Worked Lunch Start 1:03 PM 1:04 PM 1:02 PM 1:00 PM 12:59 PM Lunch Start Lunch Start Save as template E Rhaheem Jackson E ? Lunch End 1:30 PM 1:59 PM 2:00 PM 1:57 PM 1:58 PM Lunch End Lunch End Overtime Hours 100 This week Time Out 6:05 PM 6:02 PM 6:05 PM 6:00 PM 5:59 PM 1:05 PM Time Out ? Using Excel, prepare a payroll journal for the week for Elsa Kennedy. Use the following headings (where WH = withholding): Date, Employee ID, Pay Rate Regular, Hours Regular, Hours Overtime, Gross Pay, Federal Tax WH, FICA WH, Medicare WH, Retirement Contribution WH, Net Pay 99 Hours Worked ? ? ? ? ? ? > ? T T O Word(s) To illustrate your understanding of the impact of this employee's weekly payroll on the financial statements, prepare a composite entry in general journal format to reflect an alternative to recording the weekly payroll entry for Elsa Kennedy in the payroll journal. B I U T 7 LE M 144 100 lilil 99 T T O Word(s) At the Woolie Nelson Clothing Factory, the normal workweek for full-time factory employees is 40 hours, measured from 12:01 a.m. Monday through midnight the following Sunday. Time worked in excess of 40 hours is paid at the overtime rate of time-and-a-half. The factory operates two eight-hour shifts a day, which run from 12:01 a.m. to 9 a.m. (the first shift) and 9 a.m. to 6 p.m. (the second shift) on weekdays. Employees are entitled to a one-hour unpaid meal break, beginning four hours after their shift starts. The company's time-tracking and recordkeeping policy is as follows: Departments are required to use the approved online timekeeping system for the final submission of time. Time records are the basic source of information for payroll purposes and must be accurate. Falsification of time or unauthorized submission is a serious offense and may result in termination. Supervisors or managers must approve time records for accuracy and completeness. Supervisors and employees share the responsibility of ensuring an accurate record of time worked. Employees must accurately report time and make supervisors aware when problems arise. Supervisors are responsible for proper adherence to all policies, including but not limited to time tracking and recordkeeping. In the recording system, employees should certify and approve their time prior to a supervisor or manager's approval. All hourly employees must punch in/out using the approved online timekeeping system. Employees are not permitted to work "off the clock" or voluntarily work without pay. Employees must record and be compensated for all time worked. In order to be paid for a full shift, hourly employees must record time in and out within seven minutes of when a shift or lunch break begins and ends. This statement refers to the method of pay computation and does not imply permission to be up to seven minutes late or to leave seven minutes early. The following withholding rates are in effect at the company: Federal income taxes are 20% of gross pay minus employee retirement contributions. State income taxes are 0 (some states have none). Social Security (FICA) is 6.2% of gross pay. Medicare is 1.45% of gross pay. Employee retirement contribution is 5% of gross pay. Elsa Kennedy is an hourly factory worker earning $21.25 an hour. She works the second shift. Her timesheet report generated by the information system for the week ending 07/10/2022 follows.