Problem 1 Liabilities section of the Balance Sheet The following are items that are of financial interest to Chemin Corporation on December 31, 2018 Notes Payable_ (Due in 3 months) $80,000 Interest Payable (due in 1 month) $49,000 Bonds Payable (due in 5 years) $1,000,000 Cash Deposits received from customers for services to be done this year 300,000 Accrued Payroll taxes withheld from employees 15,000 Installment Note Payable (of which 50,000 of principal is to be paid this year) $500,000 Potential liability in Pending lawsuit $500,000 Accounts Payable $105,000 Required: I Please complete the Current Liabilities and Long-Term Liabilities sections of the Balance Sheet for Chemin Corporation Problem 2 Westron Industries has a monthly payroll of $90,000. Assume the following percentages for payroll taxes. (Assume that no employee has exceeded the income limits for these taxes) Social Security Tax 6.2% Medicare Tax 1.45% Federal Income Tax 20% State Income Tax 2.8% Local Income Tax 1% Federal Unemployment Tax 8% State Unemployment Tax 5.4% Compute the dollar amount of taxes that employees of Westron will have withheld from their January payroll. a. I b. Compute the dollar amount of payroll taxes incurred by Westcon related to the January Payroll. c. What is the total payroll related expenses of Westron for the month of January? Total