ESPN Typing Lessons Be.. Michigan State Uni... Vet Tix GVSU Admissions Houses is Howell Critical Thinking Problem Calculator Mastery Problem: Liabilities: Current, Installment Notes, Contingencies Copperfield and Company Chart of Accounts Payroll Short-Term Note Payable Installment Note Warranty Copperfield and Company You've just started your first accounting job, as the accounts payable and payroll clerk for Copperfield and Company, a provider of delicate wine glasses to restaurants. Your predecessor left the job suddenly, and was not able to complete all the tasks before leaving. You need to get up to speed and complete the unfinished tasks as soon as possible Your tasks on your first day are the following 1. Review the payroll journal entries made by your predecessor, 2. Compute the relevant amounts for the company's short-term note payable and determine whether your predecessor's journal entries are correct 3. Confirm the joumal entry for this year's payment on an instalmente 4. Make a recommendation as to whether the company should joumalize any warranty expense for the month You decide to get started the sooner the better Chart of Accounts CHART OF ACCOUNTS Copperfield and Company Check My Work 3 more Check My Work uses remaning inment Score: 0.0% All work saved Type here to search o i a * M4 Critical Thinking Problem Calculator CHART OF ACCOUNTS Copperfield and Company General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 112 Accounts Receivable 113 Interest Receivable 114 Notes Receivable 115 Inventory 117 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Factory Wages Expense 522 Officers Salaries Expense 523 Delivery Expense 524 Depreciation Expense-Building 526 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Interest Payable Check My Work 3 more Check My Work uses remaining All work saved, Assignment Score: 0.0% a State Uni.. Vet TOX GVSU Admiss M4 Critical Thinking Problem Calculator 126 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Interest Payable 215 Notes Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 220 Retirement Contributions Payable 221 Charitable Contributions Payable 222 Medical Insurance Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 228 Product Warranty Payable 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Check My Work 3 more Check My Work uses remaining Assignment Score: 0.0% All work saved SU Han Houses is Howe ical Thinking Problem Calculator Payroll The following payroll journal entries for Od. 15 were made by your predecessor For FICA las assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unemployment tax rates are 5.4% and 0.8%, respectively. The company offers 401k plans to employees. Review the journal entries, then answer the questions that follow POE 12 JOURNAL ACCOUNTING EQUATION DATE POST. REF CREDIT ASSETS LIABILITIES EQUITY DENT 85,500.00 307800.00 57,000.00 119,700.00 DESCRIPTION Oct. 15 Sales Salaries Expense Oficers Sataries Expense Omice Salaries Expense Factory Wages Expense Social Security Tax Payable Medicare Payable Employees Federal Income Tax Payable Medicine Retirement Contributions Payable 54,200.00 8,550.00 102 600.00 52.700.00 55,500.00 276.450.00 15 Payroll Tapes 14.176.00 My Work 3 more Check My Work uses remaining ent Score: 0.0" All work saved Type here to search ORI a ps P Mallory Grades and... Canvas ESPN Typing Lessons | Be.. Michigan State Uni... Vet Tok GVSU Admissions Houses is Hou 1 102,600.00 62,700.00 85,500.00 276,450.00 1 1 1 Critical Thinking Problem Calculator 7 Employees Federal Income Tax Payable 1 Medical Insurance Payable 9 Retirement Contributions Payable 10 Salaries Payable 11 15 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable 10 15 Pension Expense 44,176.00 13 34,200.00 13 8,550.00 1 14 184.00 1,242.00 39,900.00 39,900.00 In order to confirm the previous cirks payrol cacations you have been asked to supply the following amount based on your review of the payroleries These amounts will be checked against the company records and investigated further if necessary 1. Determine the payroll amount subject to federal and state unemployment taxes in this payroll Check My Work 3 more Check My Works remaning Assignment Score: 0.0% All work saved. Type here to search o CHCI Thinking Problem Calculator In order to confirm the previous clerk's parul calculations, you have been asked to supply the following amounts based on your review of the payroll entries. These amounts will be checked against the company records and investigated further if necessary 1. Determine the payroll amount subject to federal and state unemployment taves in this payroll 2. What is the total payroll for Copperfield and Company shown in these journal entries? S 3. What is Copperfield and Company's share of FICA taxes in this payroll? $ 4 How much has Copperfield and Company contributed to employee 401k plans in this payroll? $ Short-Term Note Payable Check My Work 3 more Check My Work uses remaining nment Score: 0.0% All work saved Type here to search ORI a pps P Mallory Grades and... Canvas ESPN Typing Lessons | Be... Michigan State Uni... Vet Tix GVSU Admissions Houses is How Calculator Critical Thinking Problem Short-Term Note Payable Copperfield and Company issued a 90-day, 5.00% note for $190,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity PAGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEST CREDIT UABUTIES EQUITY Jul 10 190,000.00 190,000.00 Accounts Payable Notes Payable Notes Accounts Interest Expense 199,500.00 190,000.00 9.500.00 You notice that the journal entry for recording the note on July 10 is correct but the entry for the payment of the note at maturity including interest did not have a date and was not correct Joumice the payment of the note at maturity as it should have been journalized Dont forget to include the cate Assume a 360-day year Check My Work 3 more Check My Work uses remaining gnment Score: 0.0% All work saved Type here to search o a Critical Thinking Problem Calculator Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the cute. Assume a 360-day year. PADE 25 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST REF DESIT CREDIT ASSETS LASITIS EQUITY Jul 10 Accounts Payable 190,000.00 Notes Payable 190,000.00 Installment Note The following oumal entry was made by your predecessor to record the annual payment on a 5%, 10-year instaliment note JOURNAL Octaber DE 21.16400 Check My Work 3 more Check My Work uses remang All work saved Assignment Score: 0.0% Type here to search o HI DE a Apps P Mallory Grades and... Canvas ESPN Typing Lessons Be... Michigan State Uni... Vet Toy GVSU Admissions Houses is Ho M4 Critical Thinking Problem Calculator PAGE 22 JOURNAL DESCRIPTION DENT CREDIT DATE Oct interest Expense Notes Payable POST RER 710 203,264.00 499,298.00 215 110 702,562.00 Using the information provided, compute the following amounts 1. What was the carrying amount (book value) of the instalment note before the payment on October 17 S 2. What portion of next years payment will be interest? (Round the amount to the nearest dolar) ho Warranty Day Work 3 more Check My Work uses remaining All work saved Assignment Score: 0.0%. Type here to search o a Critical Thinking Problem Calculator Warranty Copperfield and Company has decided to provide a warranty on its products. The previoun derk left a note with the files on this new warranty on glass breakage, deciding that an entry for warranty expense was not necessary, with the following reasoning Our product is the finest in the world, and thus the contingency of a warranty replacement for breakage is remote. Under accounting standards, the proper treatment for a remote likelihood of occurrence is to take no action. Accordingly, in my professional judgment, no jumal entry should be made for warranty expense." You should review the previous clerk's notes and evaluate the decision. After refreshing your memory on the treatment of contingent obties, what action will you take? O Snce there's no way to accurately determine the amount of breakage that might occur, no entry or disclosure is required O Make no entry, the previous clerk is correct that there is a remote chance of any breakage O Joumaise an acusting entry debiting Product Warranty Expense and crediting Product Warranty Payable. Assume that a reasonable estimate of the warranty cost can be determined by an examination of prior breakage and replacement data Make no entry but close the possible warranty amount in the notes to the company financial statements Check My Work 3 more Check My Woman signment Score: 0.0% All work saved Type here to search o i a ESPN Typing Lessons Be.. Michigan State Uni... Vet Tix GVSU Admissions Houses is Howell Critical Thinking Problem Calculator Mastery Problem: Liabilities: Current, Installment Notes, Contingencies Copperfield and Company Chart of Accounts Payroll Short-Term Note Payable Installment Note Warranty Copperfield and Company You've just started your first accounting job, as the accounts payable and payroll clerk for Copperfield and Company, a provider of delicate wine glasses to restaurants. Your predecessor left the job suddenly, and was not able to complete all the tasks before leaving. You need to get up to speed and complete the unfinished tasks as soon as possible Your tasks on your first day are the following 1. Review the payroll journal entries made by your predecessor, 2. Compute the relevant amounts for the company's short-term note payable and determine whether your predecessor's journal entries are correct 3. Confirm the joumal entry for this year's payment on an instalmente 4. Make a recommendation as to whether the company should joumalize any warranty expense for the month You decide to get started the sooner the better Chart of Accounts CHART OF ACCOUNTS Copperfield and Company Check My Work 3 more Check My Work uses remaning inment Score: 0.0% All work saved Type here to search o i a * M4 Critical Thinking Problem Calculator CHART OF ACCOUNTS Copperfield and Company General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 112 Accounts Receivable 113 Interest Receivable 114 Notes Receivable 115 Inventory 117 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Factory Wages Expense 522 Officers Salaries Expense 523 Delivery Expense 524 Depreciation Expense-Building 526 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Interest Payable Check My Work 3 more Check My Work uses remaining All work saved, Assignment Score: 0.0% a State Uni.. Vet TOX GVSU Admiss M4 Critical Thinking Problem Calculator 126 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Interest Payable 215 Notes Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 220 Retirement Contributions Payable 221 Charitable Contributions Payable 222 Medical Insurance Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 228 Product Warranty Payable 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Check My Work 3 more Check My Work uses remaining Assignment Score: 0.0% All work saved SU Han Houses is Howe ical Thinking Problem Calculator Payroll The following payroll journal entries for Od. 15 were made by your predecessor For FICA las assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unemployment tax rates are 5.4% and 0.8%, respectively. The company offers 401k plans to employees. Review the journal entries, then answer the questions that follow POE 12 JOURNAL ACCOUNTING EQUATION DATE POST. REF CREDIT ASSETS LIABILITIES EQUITY DENT 85,500.00 307800.00 57,000.00 119,700.00 DESCRIPTION Oct. 15 Sales Salaries Expense Oficers Sataries Expense Omice Salaries Expense Factory Wages Expense Social Security Tax Payable Medicare Payable Employees Federal Income Tax Payable Medicine Retirement Contributions Payable 54,200.00 8,550.00 102 600.00 52.700.00 55,500.00 276.450.00 15 Payroll Tapes 14.176.00 My Work 3 more Check My Work uses remaining ent Score: 0.0" All work saved Type here to search ORI a ps P Mallory Grades and... Canvas ESPN Typing Lessons | Be.. Michigan State Uni... Vet Tok GVSU Admissions Houses is Hou 1 102,600.00 62,700.00 85,500.00 276,450.00 1 1 1 Critical Thinking Problem Calculator 7 Employees Federal Income Tax Payable 1 Medical Insurance Payable 9 Retirement Contributions Payable 10 Salaries Payable 11 15 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable 10 15 Pension Expense 44,176.00 13 34,200.00 13 8,550.00 1 14 184.00 1,242.00 39,900.00 39,900.00 In order to confirm the previous cirks payrol cacations you have been asked to supply the following amount based on your review of the payroleries These amounts will be checked against the company records and investigated further if necessary 1. Determine the payroll amount subject to federal and state unemployment taxes in this payroll Check My Work 3 more Check My Works remaning Assignment Score: 0.0% All work saved. Type here to search o CHCI Thinking Problem Calculator In order to confirm the previous clerk's parul calculations, you have been asked to supply the following amounts based on your review of the payroll entries. These amounts will be checked against the company records and investigated further if necessary 1. Determine the payroll amount subject to federal and state unemployment taves in this payroll 2. What is the total payroll for Copperfield and Company shown in these journal entries? S 3. What is Copperfield and Company's share of FICA taxes in this payroll? $ 4 How much has Copperfield and Company contributed to employee 401k plans in this payroll? $ Short-Term Note Payable Check My Work 3 more Check My Work uses remaining nment Score: 0.0% All work saved Type here to search ORI a pps P Mallory Grades and... Canvas ESPN Typing Lessons | Be... Michigan State Uni... Vet Tix GVSU Admissions Houses is How Calculator Critical Thinking Problem Short-Term Note Payable Copperfield and Company issued a 90-day, 5.00% note for $190,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity PAGE 2 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEST CREDIT UABUTIES EQUITY Jul 10 190,000.00 190,000.00 Accounts Payable Notes Payable Notes Accounts Interest Expense 199,500.00 190,000.00 9.500.00 You notice that the journal entry for recording the note on July 10 is correct but the entry for the payment of the note at maturity including interest did not have a date and was not correct Joumice the payment of the note at maturity as it should have been journalized Dont forget to include the cate Assume a 360-day year Check My Work 3 more Check My Work uses remaining gnment Score: 0.0% All work saved Type here to search o a Critical Thinking Problem Calculator Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the cute. Assume a 360-day year. PADE 25 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST REF DESIT CREDIT ASSETS LASITIS EQUITY Jul 10 Accounts Payable 190,000.00 Notes Payable 190,000.00 Installment Note The following oumal entry was made by your predecessor to record the annual payment on a 5%, 10-year instaliment note JOURNAL Octaber DE 21.16400 Check My Work 3 more Check My Work uses remang All work saved Assignment Score: 0.0% Type here to search o HI DE a Apps P Mallory Grades and... Canvas ESPN Typing Lessons Be... Michigan State Uni... Vet Toy GVSU Admissions Houses is Ho M4 Critical Thinking Problem Calculator PAGE 22 JOURNAL DESCRIPTION DENT CREDIT DATE Oct interest Expense Notes Payable POST RER 710 203,264.00 499,298.00 215 110 702,562.00 Using the information provided, compute the following amounts 1. What was the carrying amount (book value) of the instalment note before the payment on October 17 S 2. What portion of next years payment will be interest? (Round the amount to the nearest dolar) ho Warranty Day Work 3 more Check My Work uses remaining All work saved Assignment Score: 0.0%. Type here to search o a Critical Thinking Problem Calculator Warranty Copperfield and Company has decided to provide a warranty on its products. The previoun derk left a note with the files on this new warranty on glass breakage, deciding that an entry for warranty expense was not necessary, with the following reasoning Our product is the finest in the world, and thus the contingency of a warranty replacement for breakage is remote. Under accounting standards, the proper treatment for a remote likelihood of occurrence is to take no action. Accordingly, in my professional judgment, no jumal entry should be made for warranty expense." You should review the previous clerk's notes and evaluate the decision. After refreshing your memory on the treatment of contingent obties, what action will you take? O Snce there's no way to accurately determine the amount of breakage that might occur, no entry or disclosure is required O Make no entry, the previous clerk is correct that there is a remote chance of any breakage O Joumaise an acusting entry debiting Product Warranty Expense and crediting Product Warranty Payable. Assume that a reasonable estimate of the warranty cost can be determined by an examination of prior breakage and replacement data Make no entry but close the possible warranty amount in the notes to the company financial statements Check My Work 3 more Check My Woman signment Score: 0.0% All work saved Type here to search o i a