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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! CHART OF ACCOUNTS Copperfield and Company General Ledger ASSETS 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 REVENUE 410 Sales 610 Interest Revenue 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 126 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Interest Payable 215 Notes Payable 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 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 EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends The following Payroll Journal entries for Oct. 15 were made by your predecessor. For FICA tax, 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. Payroll ACCOUNTING EQUATION DO 5340 0.15 Sale Sales Officers Stars Office Swansea Factory Wages per Social Security Testle Medicare Employees Federal Income Tax Payable Medical insurance Payable 100.00 R200.00 Sabanes Payable 300.700.00 Social Security Payable 32300.00 Medicata 9,300.00 17200 Federal Unemployment tax Payable Suate employment Tax Payable 15 Pension Expense 31.000.00 n order to confirm the previous clerk's payroll calculations, you have been asked to supply the following amounts based on your review of the payrol 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? 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 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. Journalize the payment of th manze the payment of the note at maturity as it should have been journalized. Dont forget to include the date. Assume a 360-day year. ACCOUNTING EQUATION The following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note. ACCOUNTING EQUATION 1520.00 550.476.00 Using the information provided, compute the following amounts. 1. What was the carrying amount (book value) of the installment note before the payment on October 12 What portion of need year's payment will be interest? (Round the amount to the nearest dollar) Copperfield and Company has decided to provide a warranty on its products. The previous clerk Tett a note with the files on this new warranty on glass breakage, deciding that an entry on 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 journal 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 liabilities, what action will you take? Make no entry, but disclose the possible warranty liability amount in the notes to the company financial statements. Journalize an adjusting 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, the previous clerk is correct that there is a remote chance of any breakage. Since there's no way to accurately determine the amount of breakage that might occur, no entry or disclosure is required. JOURNAL ACCOUNTING EQUATION CERIT CRIENT A SSETS LIABILITIES EQUITY Oct. 15 DESCRIPTION Sales Salaries Expense Officers Salaries Expense 93.000.00 354,800.00 OHe also 62.000.00 150,200.00 37,200.00 9,500.00 111.400.00 68.200.00 Factory Wages Expense Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Medical Insurance Payable Retirement Contributions Payable Salaries Payable Payroll Tax Experse Social Security Tax Payable Medicare Tax Payable 93.000.00 300,700.00 47.855.00 37.200,00 9,500.00 172.00 Federal Unemployment Tax Payable State Unemployment Tax Payable Pension Expense 1.161.00 15 31.000.00 31.000.00 DATE DESCRIPTION POST. REF. DEBIT CREDIT PAGE 22 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION DENT CREIXT A SSETSUARILTIES FOUITY POST. REF. 710 Oct. 1 Interest Expense 152,086.00 550.476.00 Notes Payable 215 110 Cash 702,562.00