The over time rate of pay is $22.5 overtime per hour. While the total gross pay at 43 hours is 667.5 dollars.
a. The regular salary = $2600 monthly
The annual salary = $2600 * 12
= 31200 dollars.
The weekly salary in a year
We have 52 weeks in a year
Weekly salary = 31200/52
= 600 dollars.
She works for 40 hours weekly.
Pay per hour = 600/40
= 15
The overtime pay per hour that Rebecca receives
= 15 * 1.5
= 22.5
Therefore Huang's overtime pay is 22.5 dollars.
b. If she works 43 hours during the week
15 dollars * 40 hours = 600 dollars
43-40 = 3 overtime hours
3 x 22.50 per hour = 67.5 dollars.
The total gross wages = 600 dollars + 67.5 dollars
= 667.5 dollars.
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Answer:
interest = $3,540
Explanation:
given data
principal = $88,500
rate = 12 %
time = 4 months ( September 1, 2017 to September 1, 2017 )
to find out
What is the accrued interest
solution
we get here interest that is express as
interest = principal × rate × time .......................1
put here value we get interest
interest = $88500 × 12% × 
interest = $88500 × 0.12 × 0.33333
interest = $3,540
Closing entries are necessary for temporary accounts only.
A closing entry involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet. This closing entry is a journal entry which is made at the end of the accounting period.
The temporary accounts include expenses, revenue, dividends, and so these accounts are to be closed at the end of the accounting year. Thus, the purpose of closing entry is to reset the temporary account balances to zero on the general ledger.
Hence, temporary accounts are used to record accounting activity during a specific period of time.
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Using compound interest
5000 x 1.035^32 gives me 15033 which is triple the original value, therefore it’s 32 years
