Instruction 2-2 Carry Each Hourly Rate and Each Overtime Rate to 3

question 6

Essay

Instruction 2-2
Carry each hourly rate and each overtime rate to 3 decimal places and then round off to 2 decimal places . 
Refer to Instruction 2-2. Susan Tate receives an hourly wage of $11.25 for a 40-hour week of 5 days, 8 hours daily. For Saturday work, she is paid 1.5 times the regular rate. For Sunday work, she is paid 2 times the regular rate. One week, she worked 50 hours-4 hours of which were on Saturday and 6 hours on Sunday. Her total earnings for the week are _____.

---

Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of the business, whichever is longer.

Accounts Receivable

Accounts receivable represents the money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Bad Debt Expense

An expense account reflecting accounts receivable that a company does not expect to collect and is considered a loss.

Allowance for Doubtful Accounts

An accounting provision made for accounts receivable that may not be collectable.