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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 ojerations, were: The foliowing information is relevant to the first month of operations in the foliowing 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 $12,420. OPC's policy is to use the FIFO method, recorded using a perpetual inventory system. - The $1720 in Prepaid Rent relates to a payment made in December for January rent this yeor. - The equipment was purchased on july 1 of last year, it has a residual value of $1,000 and an expected lafe of flve years. it is being depreciated using the stralght-line method. - Employee wages ate $4,000 per month. Eimployees are paid on the 16 th for the first haif of the month and on the first day of the following month for the second half of esch month. Withholdings esch pay period include $250 of income taves 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 eoch pay period, and will be paid on March 31. - Deferred Revenue is for 30 units ordered and paid for in advance by two customets in late December. One order of 25 units is to be filled in January. and the other will be filied in February, - Notes Payable arises from a three-year, 9 percent bank loan recelved on October 1 last year: - The par value on the common stock is 92 per share, - Treasury 5 tock arises from the reocquistion of 500 shares at a cost of $8 per share. a. On 10t. OPC paid employees' saiaries and wages that were previously accrued on December 31. b. A truck is purchased on 102 for $10,500 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 vO3. d. OPC declares a $0.50 cash dividend on each share of common stock on vo4, to be paid on 1/10. e. A $980 customer account is written off as uncolfectible on 1/05. f On V06, recorded sales of 175 units of inventory on account. Sales tax is charged but not yet collected or remitted to the state. 9. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. h. On VOB, OPC issued 300 shares of treasury stock for $2,400 4. Collections from customers on account, totaling $13,963, are recorded on 109 , 1. On 1/10, OPC distributes the $0.50 cash dividend declared on January 4. The compary's stock price is currently $5 per share. k. OPC purchases on account and recelves 70 units of inventory on 1/11 for $4,620. 1. The equipment purchased last year for $32,200 is sold on 1/45 for $31,400 cash. Record depreciotion for the first half of January prior to recording the equipment disposal. m. Poyroll for Jonuary 1-15 is recorded and paid on WT6. Be sure to accrue unemployment taxes and the employer's matching share of FiCA taxes. 14. Having soid the equipment, OPC pays of the note peyable in full on 1/77. The amount paid is $23,202, which includes interest bccrued in December and an add tional $93 interest through January 17 a 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 detlvered on V29. No sales tax is collected on this transaction because the customer is a US. governmental organization that is exempt from sales tax. q. To obtain funds for purchasing new equipment, OPC issued bonds on V30 with a total foce value of 396,000 , stated interest rate of 5 percent, annual compounding, and sixyear maturity date. OPC recelved $86.848 from the bond issuance, which implies a market interest rate of 7 percent. 1. On 1/31, OPC records units -of-production depreciation on the vehicie (truck), which was driven 2,000 miles this month. 5. OPC estimates that 2% of the ending accounts recelvable balance will be uncollectible. Adjust the applicable accounts on 1/31, using the abowance method. t. On 1/3t, adjust for January rent expired. 4. Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employet's matching share of Fica taxes. v. Accrue OPC's corporate income taxes on 1/31, estimated to be $4,060. Journal entry worksheet On 1/01, OPC paid employees' salaries and wages that were previously accrued on December 31 . Record the transaction. Note: Enter debits before credits. Unadjusted 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. ONE PRODUCT CORPORATION Balance Sheet At January 31 Using the information from the requirements above, complete the 'Analysis' tab. 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 ojerations, were: The foliowing information is relevant to the first month of operations in the foliowing 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 $12,420. OPC's policy is to use the FIFO method, recorded using a perpetual inventory system. - The $1720 in Prepaid Rent relates to a payment made in December for January rent this yeor. - The equipment was purchased on july 1 of last year, it has a residual value of $1,000 and an expected lafe of flve years. it is being depreciated using the stralght-line method. - Employee wages ate $4,000 per month. Eimployees are paid on the 16 th for the first haif of the month and on the first day of the following month for the second half of esch month. Withholdings esch pay period include $250 of income taves 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 eoch pay period, and will be paid on March 31. - Deferred Revenue is for 30 units ordered and paid for in advance by two customets in late December. One order of 25 units is to be filled in January. and the other will be filied in February, - Notes Payable arises from a three-year, 9 percent bank loan recelved on October 1 last year: - The par value on the common stock is 92 per share, - Treasury 5 tock arises from the reocquistion of 500 shares at a cost of $8 per share. a. On 10t. OPC paid employees' saiaries and wages that were previously accrued on December 31. b. A truck is purchased on 102 for $10,500 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 vO3. d. OPC declares a $0.50 cash dividend on each share of common stock on vo4, to be paid on 1/10. e. A $980 customer account is written off as uncolfectible on 1/05. f On V06, recorded sales of 175 units of inventory on account. Sales tax is charged but not yet collected or remitted to the state. 9. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. h. On VOB, OPC issued 300 shares of treasury stock for $2,400 4. Collections from customers on account, totaling $13,963, are recorded on 109 , 1. On 1/10, OPC distributes the $0.50 cash dividend declared on January 4. The compary's stock price is currently $5 per share. k. OPC purchases on account and recelves 70 units of inventory on 1/11 for $4,620. 1. The equipment purchased last year for $32,200 is sold on 1/45 for $31,400 cash. Record depreciotion for the first half of January prior to recording the equipment disposal. m. Poyroll for Jonuary 1-15 is recorded and paid on WT6. Be sure to accrue unemployment taxes and the employer's matching share of FiCA taxes. 14. Having soid the equipment, OPC pays of the note peyable in full on 1/77. The amount paid is $23,202, which includes interest bccrued in December and an add tional $93 interest through January 17 a 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 detlvered on V29. No sales tax is collected on this transaction because the customer is a US. governmental organization that is exempt from sales tax. q. To obtain funds for purchasing new equipment, OPC issued bonds on V30 with a total foce value of 396,000 , stated interest rate of 5 percent, annual compounding, and sixyear maturity date. OPC recelved $86.848 from the bond issuance, which implies a market interest rate of 7 percent. 1. On 1/31, OPC records units -of-production depreciation on the vehicie (truck), which was driven 2,000 miles this month. 5. OPC estimates that 2% of the ending accounts recelvable balance will be uncollectible. Adjust the applicable accounts on 1/31, using the abowance method. t. On 1/3t, adjust for January rent expired. 4. Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employet's matching share of Fica taxes. v. Accrue OPC's corporate income taxes on 1/31, estimated to be $4,060. Journal entry worksheet On 1/01, OPC paid employees' salaries and wages that were previously accrued on December 31 . Record the transaction. Note: Enter debits before credits. Unadjusted 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. ONE PRODUCT CORPORATION Balance Sheet At January 31 Using the information from the requirements above, complete the 'Analysis' tab