help with balance sheet, income statement and statement of stockholders equity

(The following inforrnation applies to the questions displayed below I One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its postclosing trial balance prepared on December 31, at the end Of its first year Of operations. Were: Accounts Receivable for Doubtful Accounts Inventory Prepaid Rent Equipent Accumulated Depreciation Payable sates Tax Payable FICA payable Withheld Taxes Payable Salaries Wages Payable Unenptoyment Tax payable Deterred Revenue Interest Payable Notes Payable Comon Stock Additional Paid-In Capital, Comon Retained Earnings Treasury Stock 2, 08 8, 24B 12,6ea 3, 24B 1, 6ed 4, sea 22, lea 15, aed 19 , S 44 9,910 4, eeo The following is relevant to the first month Of in the year: OPC sells its inventory at SISO per unit. plus sales tax of 6 percent. OPCs January I inventory balance consists of IBO units at a total COSt Of 312600. OPCs policy iS to use the FIFO method, using a perpetual inventory system. The $1,740 in Prepaid Rent relates to a payment made in December for January rent this year. The equipment Was purchased on Juw Of last year. It has a Value Of $1000 an expected life Of five years. It is being depreciated using the straight-line method. Employee wages are 54.000 per month. Emplwees are paid on the 16th for the first half Of the month and the first day Of the following month fat the Second half 01 each month. Withholdings each gay period include $250 Of income taxes and SISO of FICA taxes. These withholdings and the employer's matching contribution are paid monthly on the Second day Of the month. In addition, taxes Of are accrued each pay period. and will paid on March 31. 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 I last year. The par value on the common stock is $2 per share. Treasury Stock arises from the Of 500 Shares at a COSt Of $8 per Share. General Requirement Journal General Trial Balance Ledger Income Statement Statement Of Stockholders Balance She Equity J an Transactions a, On OPC paid salaries and Wages that Were previously accrued on December 31. b. A truck iS purchased on 1/02 for Cash, It iS estimated this vehicle Will be used Ior 50.000 miles. after which it will have no residual value. c. Payroll withholdings and employer contributions for December are remitted on d. OPC declares a $050 cash dividend on each share of common stock on 1/04. to be paid e. A $985 customer account is written off as uncollectible on VOS. f. On 1/05, recorded Sales Of 175 units Of inventory 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. Collections Customers on account, totaling are on j. On VIO. OPC distributes the $0.50 cash dividend declared on January 4. The Company'S stock price is currently SS per share. k OPC purchases on account and receives 70 units of inventory on VII for $4.480_ I. The equipment purchased last year for $33,400 is sold On 1/15 for $32,800 cash. Record depreciation for the first half Of January prior to recording the equipment disposal. m. Payroll January 115 iS recorded and 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 The amount paid is $23,304. which includes interest accrued in December and an additional $93 interest through January 17. O. On 107, 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 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. TO Obtain funds for purchasing new equipment. OPC issued bonds on With a total face value of $97,000. stated interest rate of 5 percent. annual compounding. and Six-year maturity date. OPC received $87,753 from the issuance, Which implies a market interest rate of 7 percent. On 1/31, OPC records units-of-production depreciation on the vehicle (truck), Which was driven 2.000 miles this montty S. OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Acoust the applicable accounts on 1/31, using the allwance method. t. On 1131. adjust for January rent expired. Accrue January 31 payroll on which Will be pae on l. Sure to accrue unemployment taxes and the employer's matching share of FICA taxes. Accrue OPCX Corporate income taxes on V31, estimated to be $4,290, Choose the appropriate accounts to be reported on the income statement. Select the adjusted' from the drc then populate the balances in those accounts from the trial balance. n adjusted Income Statement Loss(Gain) on Disposal Income from Operations Income before Income Tax Expense 0 0