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The Caldwell Company is a retail company that began operations on October 1, 2018, when it Following is the chart of accounts for The Caldwell Company. As a new business, all incorporated in the state of North Carolina. The Caldwell Company is authorized to issue beginning balances are $0. 250,000 shares of $1 par value common stock and 85,000 shares of 4%, $40 par value (Click the icon to view the chart of accounts.) preferred stock. The company sells a product that includes a one-year warranty and records estimated warranty payable each month. Customers are charged a 5% state sales tax. The The Caldwell Company completed the following transactions during the last quarter of 2018, company uses a perpetual inventory system. There are three employees that are paid a its first year of operations: monthly salary on the last day of the month. (Click the icon to view the transactions.) Read the requirements Requirement 1a. In preparation for recording the transactions, prepare: An amortization schedule for the first 3 months of the mortgage payable issued on October 1. Round interest calculations to the nearest dollar. Beginning Balance Principal Payment Interest Expense Total Payment Ending Balance 300,000 298,000 295,988 293.965 10/01/2018 11/1/2018 12/1/2018 01/01/2019 $ 300,000 $ 298,000 295.988 2,000 $ 2,012 2.023 1,750 $ 1,738 1.727 3,750 $ 3,750 3.750 Oct. 1 Issued 26,000 shares of $1 par value common stock for cash of $16 per share. 1 Issued a $300,000, 10-year, 7% mortgage payable for land with an existing store building. Mortgage payments of $3,750 are due on the first day of each month, beginning November 1. The assets had the following market values: Land, $60,000; Building, $240,000 1 Issued a one-year, 11% note payable for $13,200 for store fixtures. The principal and interest are due October 1, 2019. 3 Purchased merchandise inventory on account from Blue Chip for $130,000, terms n/30. 15 Paid $180 for utilities. 31 Recorded cash sales for the month of $160,000 plus sales tax of 5%. The cost of the goods sold was $96,000 and estimated warranty payable was 10%. 31 Recorded October payroll and paid employees. 31 Accrued employer payroll taxes for October Nov. 1 Paid the first mortgage payment. 3 Paid Blue Chip for the merchandise inventory purchased on October 3. 10 Purchased merchandise inventory on account from Blue Chip for $200,000, terms n/30. 12 Purchased 600 shares of treasury stock for $14 per share. 15 Paid all liabilities associated with the October 31 payroll. 15 Remitted (paid) sales tax from October sales to the state of North Carolina. 16 Paid $3,000 to satisfy warranty claims. 17 Declared cash dividends of $1 per outstanding share of common stock. 18 Paid $145 for utilities. 27 Paid the cash dividends. 30 Recorded cash sales for the month of $190,000 plus sales tax of 5%. The cost of the goods sold was $114,000 and estimated warranty payable was 10%. 30 Recorded November payroll and paid employees. 30 Accrued employer payroll taxes for November. Dec 1 Paid the second mortgage payment. 10 Paid Blue Chip for the merchandise inventory purchased on November 10 12 Paid $7,100 to satisfy warranty claims. 15 Sold 550 shares of treasury stock for $19 per share. 15 Paid all liabilities associated with the November 30 payroll. IJ JUIU JJU Sials Ulleasury SLUL IUI JIJ pel Siale. 15 Paid all liabilities associated with the November 30 payroll 15 Remitted (paid) sales tax from November sales to the state of North Carolina. 18 Paid $240 for utilities. 19 Purchased merchandise inventory on account from Blue Chip for $115,000, terms n/30. 31 Recorded cash sales for the month of $220,000 plus sales tax of 5%. The cost of the goods sold was $132,000 and estimated warranty payable was 10%. 31 Recorded December payroll and paid employees. 31 Accrued employer payroll taxes for December Requirement 1b. In preparation for recording the transactions, prepare: Payroll registers for October, November, and December. All employees worked October 1 through December 31 and are subject to the following FICA taxes: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000 Begin by preparing the payroll register for October. (Round all amounts to the nearest cent. Complete all answer boxes. Enter a "0" for any zero balances. Abbreviations used: Beg. = Beginning; Cum. = Cumulative; Earn. = Earnings; Med. = Medicare; Ins. = Insurance; With. = Withholdings.) Earnings Withholdings Beg. Current Period Ending Cum. Cum. Net Income Tax Health Ins. Total With. Employee Earn. Earnings Earn. OASDI Med. Pay Johnson Spark Morgan The Caldwell Company is a retail company that began operations on October 1, 2018, when it Following is the chart of accounts for The Caldwell Company. As a new business, all incorporated in the state of North Carolina. The Caldwell Company is authorized to issue beginning balances are $0. 250,000 shares of $1 par value common stock and 85,000 shares of 4%, $40 par value (Click the icon to view the chart of accounts.) preferred stock. The company sells a product that includes a one-year warranty and records estimated warranty payable each month. Customers are charged a 5% state sales tax. The The Caldwell Company completed the following transactions during the last quarter of 2018, company uses a perpetual inventory system. There are three employees that are paid a its first year of operations: monthly salary on the last day of the month. (Click the icon to view the transactions.) Read the requirements Requirement 1a. In preparation for recording the transactions, prepare: An amortization schedule for the first 3 months of the mortgage payable issued on October 1. Round interest calculations to the nearest dollar. Beginning Balance Principal Payment Interest Expense Total Payment Ending Balance 300,000 298,000 295,988 293.965 10/01/2018 11/1/2018 12/1/2018 01/01/2019 $ 300,000 $ 298,000 295.988 2,000 $ 2,012 2.023 1,750 $ 1,738 1.727 3,750 $ 3,750 3.750 Oct. 1 Issued 26,000 shares of $1 par value common stock for cash of $16 per share. 1 Issued a $300,000, 10-year, 7% mortgage payable for land with an existing store building. Mortgage payments of $3,750 are due on the first day of each month, beginning November 1. The assets had the following market values: Land, $60,000; Building, $240,000 1 Issued a one-year, 11% note payable for $13,200 for store fixtures. The principal and interest are due October 1, 2019. 3 Purchased merchandise inventory on account from Blue Chip for $130,000, terms n/30. 15 Paid $180 for utilities. 31 Recorded cash sales for the month of $160,000 plus sales tax of 5%. The cost of the goods sold was $96,000 and estimated warranty payable was 10%. 31 Recorded October payroll and paid employees. 31 Accrued employer payroll taxes for October Nov. 1 Paid the first mortgage payment. 3 Paid Blue Chip for the merchandise inventory purchased on October 3. 10 Purchased merchandise inventory on account from Blue Chip for $200,000, terms n/30. 12 Purchased 600 shares of treasury stock for $14 per share. 15 Paid all liabilities associated with the October 31 payroll. 15 Remitted (paid) sales tax from October sales to the state of North Carolina. 16 Paid $3,000 to satisfy warranty claims. 17 Declared cash dividends of $1 per outstanding share of common stock. 18 Paid $145 for utilities. 27 Paid the cash dividends. 30 Recorded cash sales for the month of $190,000 plus sales tax of 5%. The cost of the goods sold was $114,000 and estimated warranty payable was 10%. 30 Recorded November payroll and paid employees. 30 Accrued employer payroll taxes for November. Dec 1 Paid the second mortgage payment. 10 Paid Blue Chip for the merchandise inventory purchased on November 10 12 Paid $7,100 to satisfy warranty claims. 15 Sold 550 shares of treasury stock for $19 per share. 15 Paid all liabilities associated with the November 30 payroll. IJ JUIU JJU Sials Ulleasury SLUL IUI JIJ pel Siale. 15 Paid all liabilities associated with the November 30 payroll 15 Remitted (paid) sales tax from November sales to the state of North Carolina. 18 Paid $240 for utilities. 19 Purchased merchandise inventory on account from Blue Chip for $115,000, terms n/30. 31 Recorded cash sales for the month of $220,000 plus sales tax of 5%. The cost of the goods sold was $132,000 and estimated warranty payable was 10%. 31 Recorded December payroll and paid employees. 31 Accrued employer payroll taxes for December Requirement 1b. In preparation for recording the transactions, prepare: Payroll registers for October, November, and December. All employees worked October 1 through December 31 and are subject to the following FICA taxes: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000 Begin by preparing the payroll register for October. (Round all amounts to the nearest cent. Complete all answer boxes. Enter a "0" for any zero balances. Abbreviations used: Beg. = Beginning; Cum. = Cumulative; Earn. = Earnings; Med. = Medicare; Ins. = Insurance; With. = Withholdings.) Earnings Withholdings Beg. Current Period Ending Cum. Cum. Net Income Tax Health Ins. Total With. Employee Earn. Earnings Earn. OASDI Med. Pay Johnson Spark Morgan
