general journal entries

income statement

statement of stockholders equity

balance sheet

thank you!!

[The following information applles to the questions displayed below.] One Product Corporation (OPC) Incorporated at the beginning of Iast year. The balances on its post-closing trial balance prepared on December 31 , at the end of its first year of operations, were: The following information is relevent to the first month of operations in the following yeor: - OPC sella its inventory ot $150 per unit, plus soles tax of 6 percent, OPC's Jonuory 1 inventory bolonce consists of 180 units ot a total cost of $12420. OPC's policy is to use the FiFO method, recorded using o perpetual invertory System. - The $1,960 in Prepoid Rent relotes to o payment mode in December for Jonuory rent this yeor. - The equipment wos purchosed on July 1 of lost yeor It has a resicual value of $1,000 and on expected life of five yeors. It is being depreciated using the stroight-line method. - Employee woges are $4,000 per month. Employees ore poid on the 16 th for the frat half of the month and on the first doy of the following month for the second half of each month. Withholdings each poy period include $250 of income toxes ond $150 of FICA toxes. These withholdings ond the employer's motching contribution ore poid monthly on the second doy of the following month, in addition, unemployment toxes of $50 ore occrued eoch poy period, and will be poid on March 31 . - Deferred Revenue is for 30 units ordered ond poid for in odvance by two customers in late December. One order of 25 units is to be filled in Januory, and the orher will be filled in February. - Notes Poysble orises from othree-yesr. 9 percent bonk loon receved on October 1 lost year. - The por volue on the common stock is $2 per share. - Treosury Stock orises from the reacquisition of 500 shares at a cost of $8 per share. January Transactions 0. On 101, OPC poid employees' solories and woges thot were previously occrued on December 31 . b. A truck is purchosed on 1.02 for $10,500 cosh. It is estimoted this vehicle will be used for 50.000mles, after which it will have no residual value. c. Poyroll withholdings and employer contributions for December ore remitted on ti03. d. OPC declares 0.50.50 cosh dividend on esch shere of common stock on 1104, to be poid on 1710. e. A $1,040 customer occount is written off os uncoliectible on 1.05. tOn 106, recorded soles of 175 units of inventory on account. Soles tox is charged but not yet collected or remirted to the stote. 9. Soles toxes of $500 that hod 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 $2400 i. Collections from customers on occount, totaling $18,071, are recorded on 1/09, I On 1/10. OPC distribuses the $0.50 cosh dividend deciored on Jenuory 4 . The compony's stock price is currently $5 per shore. k. OPC purchases on occount ond receives 70 units of inventary on 1/11 for $4,620. L. The equipment purchosed lost yeor for $46,600 is sold on 1115 for $48,200 cosh. Record depreciation for the first half of Janusry prior to recording the equipment disposol. m. Peyroll for Januory 115 is recorded ond psid on 1 h6. Be sure to occrue unemployment toxes and the employer's motching shore of FiCA toxes. n. Hoving sold the equipment, OPC poys off the note poyoble in full on 1/77. The amount poid it $24,434, which includes interest accrued in December ond on additionol $98 interest through Januory 17. a. On 1/27, OPC records soles of 30 units of inventory on occount. Sales tax is chorged but not yet collected or remitted p. A portion of the advance order from December (25 units) is delivered on 1/29, No soles tox is collected on this tronsaction becouse the customer is a U.S. governmental orgonizotion thot is exempt from soles tox 4. To obtain funds for purchosing new equpment, OPC issued bonds on 1/30 with a total foce value of $108,000, stated interest rate of 5 percent, onnual compounding, ond ax-yeor maturity date. OPC received $97704 from the bond issuance, which implies o morket interest rate of 7 percent. c.On 1/31, OPC records units-of.production depreciotion on the vehicle (truck), which wos driven 2.000 miles this month. 5. OPC estimates thist 2% of the ending occounts receivoble bolonce will be uncollectble. Adjust the opplicable occounts on 1/31, using the allowonce method. t. On 1/31, adjust for Jonuary rent expired. 4ccrue Jonuary 31 poyroif on 1/31. which will be poyoble on Februery 1. Be sure to accrue unemplojm ent toves and the employers motching shore of FiCA taxes, Accrue OPC's corporate income tares on 131 , estimoted to be \$5,140