Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

9. Current Liabilities

Payroll and Payroll Taxes

Financial Accounting

9. Current Liabilities

Payroll and Payroll Taxes

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Multiple Choice

An employee worked 40 regular hours at $17.86 per hour and 2 overtime hours at 1.5 times the regular rate. What is the employee's gross pay?

$703.86

$726.80

$714.40

$716.26

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Verified step by step guidance

Step 1: Calculate the regular pay by multiplying the regular hours worked (40 hours) by the regular hourly rate ($17.86). Use the formula: Regular Pay = Regular Hours × Regular Hourly Rate.

Step 2: Determine the overtime hourly rate by multiplying the regular hourly rate ($17.86) by 1.5. Use the formula: Overtime Rate = Regular Hourly Rate × 1.5.

Step 3: Calculate the overtime pay by multiplying the overtime hours worked (2 hours) by the overtime hourly rate calculated in Step 2. Use the formula: Overtime Pay = Overtime Hours × Overtime Hourly Rate.

Step 4: Add the regular pay (calculated in Step 1) and the overtime pay (calculated in Step 3) to determine the employee's gross pay. Use the formula: Gross Pay = Regular Pay + Overtime Pay.

Step 5: Verify the calculations to ensure accuracy and confirm the gross pay matches one of the provided options.