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im looking for the answer to the statement of the stockholders equity where the blanks are $19,670 8,310 995 13,600 1,820 38,200 3,720 Cash Accounts
im looking for the answer to the statement of the stockholders equity where the blanks are
$19,670 8,310 995 13,600 1,820 38,200 3,720 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Sales Tax Payable FICA Payable Withheld Income Taxes Payable Salaries and Wages Payable Unemployment Tax Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In Capital, Common Retained Earnings Treasury Stock See 600 500 1,600 300 4,500 520 23,180 16,400 19,735 13,130 4, eee 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%. OPC's January 1 inventory balance consists of 180 units at a total cost of $13,600. OPC's policy is to use the FIFO method, recorded using a perpetual inventory system The $1.820 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 live 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. 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. 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 $13.000 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 $1,005 customer account is written off as uncollectible on 1/05. f 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. i. Collections from customers on account, totaling $17,721, are recorded on 1/09 . 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 $4,060. 1. The equipment purchased last year for $38,200 is sold on 1/15 for $38.400 cash. Record depreciation for the fire 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 $23.715, which includes interest accrued in December and an additional $95 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 $101,000, stated interest rate of 5 percent, annual compounding, and six-year maturity date. OPC received $91,372 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 $5,050. Part 1 of 2 Statement of General Requirement General Income Trial Balance Ledger Journal Stockholders Balance Sheet Analysis Statement 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. points Adjusted - Print ONE PRODUCT CORP. Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid Common Stock In Capital Common I S Retained Earnings Treasury Stock References Beginning 13,1301 Stock Issuances Net Income op - Dividends Ending S 9.280 (Income Statement Balance Sheet > venerar Vuur 1 Jan 01 1,600 Salaries and Wages Payable Cash 1.600 2 Jan 02 13,000 Vehicles Cash 13,000 3 Jan 03 FICA Payable Withheld Income Taxes Payable Cash 600 500 Jan 04 3.475 Dividends Dividends Payable 5 nces Jan 05 1.005 Allowance for Doubtful Accounts Accounts Receivable 2 6 Jan 06 27 825 Accounts Receivable Sales Revenue Sales Tax Payable 26.250 7 Jan 06 Cost of Goods Sold 13.222 Inventory 13.222 8 Jan 07 Sales Tax Payable Cash 500 Required information 9 Ja Jan 08 Cash Treasury Stock 2,400 2400 Jan 09 Cash Accounts Receivable 17,721 17.721 F Jan 10 Dividends Payable Cash 3,475 3,475 12 Jan 11 Inventory 4,060 Accounts Payable 4,000 13 Jan 15 Depreciation Expense Accumulated Depreciation Equipment 310 3101 14 Jan 15 Cash Accumulated Depreciation Equipment Gain on Disposal of PPE Equipment 38,400 4,030 4.230 38,200 15 Jan 16 2,000 Salaries and Wages Expense FICA Payable Cash Withheld Income Taxes Payable 150 1.600 250 Che Required information 16 Jan 17 Notes Payable (long-term) Interest Payable Interest Expense Cash 23.100 810 95 23,715 17 Jan 27 Accounts Receivable Sales Revenue Sales Tax Payable 4.770 4,500 270 18 Jan 27 Cost of Goods Sold Inventory 1.828 1,828 Jan 20 Deferred Revenue Defe Sales Revenue 3.750 3.750 Jan 29 Cost of Goods Sold Inventory 1.450 1.450 21 Jan 30 Cash Discount on Bonds Payable Bonds Payable 91,372 9,628 101,000 22 Jan 31 Depreciation Expense Accumulated Depreciation-Vehicles 520 23 Jan 31 Bad Debt Expense Allowance for Doubtful Accounts 553 24 Jan 31 Rent Expense Prepaid Rent 1,820 1.820 Jan 31 Payroll Tax Expense FICA Payable Unemployment Tax Payable 26 Jan 31 Income Tax Expense Income Tax Payable 5,050 5,050 Step by Step Solution
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