Mastery Problem: Liabilities: Current, Installment Notes, and 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 journal entry for this year's payment on an installment note. 4. Make a recommendation as to whether the company should journalize any warranty expense for the month. You decide to get started - the sooner the better! 15 16 37 15 State Unemployment Tax Payable 1,188.00 Pension Expense Cash 73,800.00 73,800.00 In order to confirm the previous clerk's payroll 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 taxes in this payroll. 2. What is the total payroll for Copperfield and Company shown in these journal entries? $956,664 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? $287,000