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Required information [The following information applies to the questions displayed below.] One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: Cash 21,330 Accounts Receivable 8,290 Allowance for Doubtful Accounts 1,035 Inventory 12,600 Prepaid Rent 1,900. Equipment 43,000 Accumulated Depreciation 4,200 Accounts Payable 0 Sales Tax Payable 500 FICA Payable 600 500 Withheld Income Taxes Payable Salaries and Wages Payable Unemployment Tax Payable Deferred Revenue 1,600 300 4,500 Interest Payable 529 Notes Payable (long-term) 23,500 Common Stock 17,600 Additional Paid-In Capital, Common 19,926 Retained Earnings 16,330 Treasury Stock 4,000 The following information is relevant to the first month of operations in the following year: • OPC sells its inventory at $150 per unit, plus sales tax of 6 percent. OPC's January 1 inventory balance consists of 180 units at a total cost of $12,600. OPC's policy is to use the FIFO method, recorded using a perpetual inventory system. • The $1,900 in Prepaid Rent relates to a payment made in December for January rent this year. • The equipment was purchased on July 1 of last year. It has a residual value of $1,000 and an expected life of five years. It is being depreciated using the straight-line method. . Employee wages are $4,000 per month. Employees are paid on the 16th for the first half of the month and on the first day of the following month for the second half of each month. Withholdings each pay period include $250 of income taxes and $150 of FICA taxes. These withholdings and the employer's matching contribution are paid monthly on the second day of the following month. In addition, unemployment taxes of $50 are accrued each pay period, and will be paid on March 31. S
• Deferred Revenue is for 30 units ordered and paid for in advance by two customers in late December. One order of 25 units is to be filled in January, and the other will be filled in February. • Notes Payable arises from a three-year, 9 percent bank loan received on October 1 last year. . The par value on the common stock is $2 per share. . Treasury Stock arises from the reacquisition of 500 shares at a cost of $8 per share. January Transactions a. On 1/01, OPC paid employees' salaries and wages that were previously accrued on December 31. b. A truck is purchased on 1/02 for $9,000 cash. It is estimated this vehicle will be used for 50,000 miles, after which it will have no residual value. c. Payroll withholdings and employer contributions for December are remitted on 1/03. d. OPC declares a $0.50 cash dividend on each share of common stock on 1/04, to be paid on 1/10. e. A $1,025 customer account is written off as uncollectible on 1/05. On 1/06, recorded sales of 175 units of inventory on account. Sales tax is charged but not yet collected or remitted to the state. g. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. h. On 1/08, OPC issued 300 shares of treasury stock for $2,400. 1. Collections from customers on account, totaling $17,921, are recorded on 1/09. J. On 1/10, OPC distributes the $0.50 cash dividend declared on January 4. The company's stock price is currently $5 per share. k. OPC purchases on account and receives 70 units of inventory on 1/11 for $4,200. 1. The equipment purchased last year for $43,000 is sold on 1/15 for $44,000 cash. Record depreciation for the first half of January prior to recording the equipment disposal. m. Payroll for January 1-15 is recorded and paid on 1/16. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. n. Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $24,126, which includes interest accrued in December and an additional $97 interest through January 17. o. On 1/27, OPC records sales of 30 units of inventory on account. Sales tax is charged but not yet collected or remitted. p. A portion of the advance order from December (25 units) is delivered on 1/29. No sales tax is collected on this transaction because the customer is a U.S. governmental organization that is exempt from sales tax. q. To obtain funds for purchasing new equipment, OPC issued bonds on 1/30 with a total face value of $105,000, stated interest rate of 5 percent, annual compounding, and six-year maturity date. OPC received $94,990 from the bond issuance, which implies a market interest rate of 7 percent.. r. On 1/31, OPC records units-of-production depreciation on the vehicle (truck), which was driven 2,000 miles this month. s. OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Adiust the applicable accounts 3D < Prev 12 of 2 Next >
share. k. OPC purchases on account and receives 70 units of inventory on 1/11 for $4,200. 1. The equipment purchased last year for $43,000 is sold on 1/15 for $44,000 cash. Record depreciation for the first half of January prior to recording the equipment disposal. m. Payroll for January 1-15 is recorded and paid on 1/16. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. n. Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $24,126, which includes interest accrued in December and an additional $97 interest through January 17. o. On 1/27, OPC records sales of 30 units of inventory on account. Sales tax is charged but not yet collected or remitted. p. A portion of the advance order from December (25 units) is delivered on 1/29. No sales tax is collected on this transaction because the customer is a U.S. governmental organization that is exempt from sales tax. q. To obtain funds for purchasing new equipment, OPC issued bonds on 1/30 with a total face value of $105,000, stated interest rate of 5 percent, annual compounding, and six-year maturity date. OPC received $94,990 from the bond issuance, which implies a market interest rate of 7 percent. r. On 1/31, OPC records units-of-production depreciation on the vehicle (truck), which was driven 2,000 miles this month. s. OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Adjust the applicable accounts on 1/31, using the allowance method. t. On 1/31, adjust for January rent expired. u. Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes. v. Accrue OPC's corporate income taxes on 1/31, estimated to be $5,280. Statement of Requirement General General Ledger Trial Balance Income Statement Journal Analysis Stockholders Balance Sheet Equity General Journal tab - Prepare all January journal entries and adjusting entries for items (a)-(v). Review the 'General Ledger' and the adjusted Trial Balance' Tabs to see the effect of the transactions on the account balances. Trial Balance tab - Review the adjusted 'Trial Balance' as of January 31. Income Statement tab - Prepare an income statement for the period ended January 31 in the 'Income Statement Tab. Statement of Stockholders' Equity tab - Prepare the statement of stockholders' equity for the month ended January 31. Balance Sheet tab - Prepare a classified balance sheet as of January 31 in the 'Balance Sheet' Tab. Analysis tab Using the information from the requirements above, complete the 'Analysis' tab. Requirement General Journal > 1 2 of 2 Next > < Prev
General General Requirement Statement of Stockholders Balance Sheet Income Statement Trial Balance Analysis Journal Ledger Equity Prepare all January journal entries and adjusting entries for items (a)-(v). Review the 'General Ledger' and the adjusted Trial Tabs to see the effect of the transactions on the account balances. (If no entry is required for a transaction/event, select "No j entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ***** 26 On 1/01, OPC paid employees' salaries and wages that were previously accrued on December 31. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Clear entry View general journal Record entry
Required information Journal Leager Statement Equity Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Unadjusted General Ledger Account Cash Accounts Receivable No. Balance No. Debit Balance No. No. No. No. Date December 31 Debit Credit Allowance for Doubtful Accounts Debit Credit Prepaid Rent Debit Credit Accumulated Depreciation-Equipment Date Debit Credit December 31 Salaries and Wages Payable Date Debit Credit December 31 Date December 31 Date December 31 21,330 Balance 1,035 Balance 1,900 Balance 4,200 Balance 1,600 No. No. Saved No. No. Date December 31 Date December 31 Date December 31 Date December 31 Date December 31 Inventory Credit Credit Debit Equipment Debit Credit Interest Payable Debit Credit Withheld Income Taxes Payable Debit Credit 8,290 Balance 12,600 Balance 43,000 Balance Balance 529 500
Required information No. Date December 31 No. Date December 31 Date December 31 No. No. No. FICA Payable Debit Sales Tax Payable Debit Credit Notes Payable (long-term) Debit Credit Additional Paid-In Capital, Common Stock Date Debit Credit Treasury Stock Date: Debit Credit December 31 Credit Balance Balance Balance 600 500 23,500 Balance 19,926 Balance General Journal 4,000 No. Date December 31 Date December 31 Date December 31 Date December 31 Trial Balance > No. No. Unemployment Tax Payable Debit Credit Deferred Revenue Debit Common Stock Debit Retained Earnings Debit No. Credit Credit Credit Balance Balance 300 4,500 Balance 17,600 Balance 16,330
ree les Required information Unadjusted Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation-Equipment Interest Payable Salaries and Wages Payable Withheld Income Taxes Payable FICA Payable Unemployment Tax Payable Sales Tax Payable Deferred Revenue Notes Payable (long-term) Common Stock Additional Paid-In Capital, Common Stock Retained Earnings Treasury Stock 2 12 Total Saved ONE PRODUCT CORPORATION Trial Balance January 30, 2022 Account Title $ $ Debit 21,330 8,290 12,600 1,900 43,000 4,000 91,120 $ Credit 1,035 4,200 529 1,600 500 600 300 500 4,500 23,500 17,600 19,926 16,330 91.120
General General Statement of Stockholders Balance Sheet Requirement Income Statement Trial Balance Analysis Journal Ledger Equity Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Unadjusted ONE PRODUCT CORPORATION Income Statement For the Month Ended January 31 *** www Next > Loss(Gain) on Disposal Income from Operations Income before Income Tax Expense Prev 1 S 2 of 2
General General Requirement Trial Balance Statement of Stockholders Balance Sheet Journal Income Statement Ledger Analysis Equity The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. You will need to determine and enter the beginning and ending balances. Unadjusted ONE PRODUCT CORPORATION Statement of Stockholders' Equity For the Month Ended January 31 Common Stock Retained Earinings Treasury Stock Beginning < Income Statement Stock Issuances Net Income Dividends Ending Additional Paid- In Capital, Common $ 16,330 (4,150) $ 12,180 Balance Sheet >
wwwwwwwww.propery v Required information ONE PRODUCT CORPORATION Balance Sheet At January 31 < Prev 12 221355 of 2 هه مه ره مهمه Next
Сох education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Futsa.blac Ⓡ Seved Required information 12,180 < Statement of Stockholders Equity < Prev Bo 12 Analysis > of 2 Next >
General General Requirement Trial Balance Journal Income Statement Ledger Using the information from the requirements above, complete the 'Analysis' tab. What was OPC's total payroll cost for January? Total Payroll Cost Will the carrying value of the bond increase or decrease after recording interest in February? What is the interest payment OPC will need to pay annually on the bond? Interest Payment What was the gain or loss was recognized on the issuance of Treasury Stock on January 87 < Balance Sheet Analysis > Statement of Stockholders Balance Sheet Equity Analysis