Current Portion of Long-Term Debt Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt consists of the following: December 31 Current Preceding Year Year Total long-term debt $795,500 $437,500 Less current portion (230,700) (214,800) Long-term debt $564,800 $222,700 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? b. How much did the total current liabilities change between the preceding year and the current year as a result of the current portion of long-term debt? c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year? Calculator The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $519,000 Federal income tax withheld 103,800 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $10,000 of salaries If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of May 18. May 18 b. Journalize the entry to record the payroll tax expense incurred for the week of May 18. May 18 Accrued Vacation Pay A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $58,800 a. Journalize the adjusting entry required on January 31, the end of the first month of the current year to record the accrued vacation pay. If an amount box does not require an entry, leave it blank. b. How is the vacation pay reported on the company's balance sheet? unless employees are allowed to accumulate their vacation pay for use in future years. When is this amount removed from the company's balance sheet? Calculator Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $32,000 by giving a five-year, 11% installment note to Soros Bank. The note requires annual payments of $8,783, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,520 and principal repayment of $5,263 Journalize the entries to record the following: a1. Issued the installment note for cash on the first day of the fiscal year. If an amount box does not require an entry, leave it blank. a2. Paid the first annual payment on the note. If an amount box does not require an ent MYILL, b. How would the notes payable be reported on the balance sheet at the end of the fiscal year? Calculator Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $250,000 for January. On February 7, a customer received warranty repairs requiring $210 of parts and $85 of labor. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. If an amount box does not require an entry, leave it blank. D. Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank. Entries for Installment Note Transactions On January 1 of Year 1, Bryson Company obtained a $66,000, four-year, 8% installment note from Campbell Bank. The note requires annual payments of $19,927, beginning on December 31 of Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers Amortization of Installment Notes Interest Expense Note Payment (8% of January 1 (Cash Paid) Note Carrying Amount) January 1 Carrying Amount For the Year Ending Decrease in Notes Payable December 31 Carrying Amount Year 2 Year 3 Year 4 b. Journalize the entire the Calculator b. Joumalize the entries for the issuance of the note and the four annual note payments. If an amount box does not require an entry, leave it blank. Year 1 Jan. 1 Year 1 Dec. 31 Year 2 Dec. 31 III III IV II III III II III Year 3 Dec. 31 Year 4 Dec. 31 c. How will the annual note payment be reported in the Year 1 income statement? of would be reported on the income statement