Please answer everything Thank you One Product Corp (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 $ 19,680 Accounts Receivable 8,310 Allowance for Doubtful Accounts 1,005 Inventory 13,740 Prepaid Rent 1,840 Equipment 39,400 Accumulated Depreciation 3,840 Accounts Payable 0 Sales Tax Payable 500 FICA Payable 600 Withheld Income Taxes Payable 500 Salaries and Wages Payable 1,600 Unemployment Tax Payable 300 Deferred Revenue 4,500 Interest Payable 522 Note Payable (long term) 23,200 Common Stock 16,700 Additional Paid In Capital, Common 19,783 Retained Earnings 13,920 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 OPCs January 1 inventory balance consists of 180 units at a total cost of $13,740 OPCs policy is to use the FIFO method, recorded using a perpetual inventory system The $1,840 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 employers 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 January Transactions On 1 01, OPC paid employees salaries and wages that were previously accrued on December 31 A truck is purchased on 1 02 for $13,500 cash It is estimated this vehicle will be used for 50,000 miles, after which it will have no residual value Payroll withholdings and employer contributions for December are remitted on 1 03 OPC declares a $0 50 cash dividend on each share of common stock on 1 04, to be paid on 1 10 A $1,010 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 Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1 07 On 1 08, OPC issued 300 shares of treasury stock for $2,400 Collections from customers on account, totaling $17,771, are recorded on 1 09 On 1 10, OPC distributes the $0 50 cash dividend declared on January 4 The companys stock price is currently $5 per share OPC purchases on account and receives 70 units of inventory on 1 11 for $4,270 The equipment purchased last year for $39,400 is sold on 1 15 for $39,800 cash Record depreciation for the first half of January prior to recording the equipment disposal Payroll for January 1 15 is recorded and paid on 1 16 Be sure to accrue unemployment taxes and the employers matching share of FICA taxes Having sold the equipment, OPC pays off the note payable in full on 1 17 The amount paid is $23,817, which includes interest accrued in December and an additional $95 interest through January 17 On 1 27, OPC records sales of 30 units of inventory on account Sales tax is charged but not yet collected or remitted 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 To obtain funds for purchasing new equipment, OPC issued bonds on 1 30 with a total face value of $102,000, stated interest rate of 5 percent, annual compounding, and six year maturity date OPC received $92,276 from the bond 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 month OPC estimates that 2 of the ending accounts receivable balance will be uncollectible Adjust the applicable accounts on 1 31, using the allowance method On 1 31, adjust for January rent expired Accrue January 31 payroll on 1 31, which will be payable on February 1 Be sure to accrue unemployment taxes and the employers matching share of FICA taxes Accrue OPCs corporate income taxes on 1 31, estimated to be $4,930 JOURNAL ENTRIES REQUIRED 1 On 1 01, OPC paid employees salaries and wages that were previously accrued on December 31 Record the transaction 2 A truck is purchased on 1 02 for $13,500 cash It is estimated this vehicle will be used for 50,000 miles, after which it will have no residual value Record the transaction 3 Payroll withholdings and employer contributions for December are remitted on 1 03 Record the transaction 4 OPC declares a $0 50 cash dividend on each share of common stock on 1 04, to be paid on 1 10 Record the transaction 5 A $1,010 customer account is written off as uncollectible on 1 05 Record the transaction 6 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 Record the sale transaction 7 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 Record the cost of goods sold 8 Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1 07 Record the transaction 9 On 1 08, OPC issued 300 shares of treasury stock for $2,400 Record the transaction 10 Collections from customers on account, totaling $17,771, are recorded on 1 09 Record the transaction 11 On 1 10, OPC distributes the $0 50 cash dividend declared on January 4 The companys stock price is currently $5 per share Record the transaction 12 OPC purchases on account and receives 70 units of inventory on 1 11 for $4,270 Record the transaction 13 The equipment purchased last year for $39,400 is sold on 1 15 for $39,800 cash Record depreciation for the first half of January 14 The equipment purchased last year for $39,400 is sold on 1 15 for $39,800 cash Record the equipment disposal 15 Payroll for January 1 15 is recorded and paid on 1 16 Be sure to accrue unemployment taxes and the employers matching share of FICA taxes Record the transaction 16 Having sold the equipment, OPC pays off the note payable in full on 1 17 The amount paid is $23,817, which includes interest accrued in December and an additional $192 interest through January 17 Record the transaction 17 On 1 27, OPC records sales of 30 units of inventory on account Sales tax is charged but not yet collected or remitted Record the sale transaction 18 On 1 27, OPC records sales of 30 units of inventory on account Sales tax is charged but not yet collected or remitted Record the cost of goods sold 19 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 United States governmental organization that is exempt from sales tax Record the sale transaction 20 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 United States governmental organization that is exempt from sales tax Record the cost of goods sold 21 To obtain funds for purchasing new equipment, OPC issued bonds on 1 30 with a total face value of $102,000, stated interest rate of 5 percent, annual compounding, and six year maturity date OPC received $92,276 from the bond issuance, which implies a market interest rate of 7 percent Record the transaction 22 On 1 31, OPC records units of production depreciation on the vehicle (truck), which was driven 2,000 miles this month Record the transaction 23 OPC estimates that 2 of the ending accounts receivable balance will be uncollectible Adjust the applicable accounts on 1 31, using the allowance method Record the transaction 24 On 1 31, adjust for January rent expired Record the transaction 25 Accrue January 31 payroll on 1 31, which will be payable on February 1 Be sure to accrue unemployment taxes and the employers matching share of FICA taxes Record the transaction 26 Accrue OPCs corporate income taxes on 1 31, estimated to be $4,930 Record the transaction Unadjusted ONE PRODUCT CORP Income Statement For the Month Ended January 31 LossGain) on Disposal Income from Operations Income before Income Tax Expense Unadjusted ONE PRODUCT CORP Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid Common Stock In Capital Common Retained Earinings Treasury Stock S 13 920 Beginning Stock Issuances Net Income Dividends (3 925) 9 995 Ending S Unadjusted ONE PRODUCT CORP Balance Sheet At January 31 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 Jan 8 Unadjusted ONE PRODUCT CORP Income Statement For the Month Ended January 31 LossGain) on Disposal Income from Operations Income before Income Tax Expense Unadjusted ONE PRODUCT CORP Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid Common Stock In Capital Common Retained Earinings Treasury Stock S 13 920 Beginning Stock Issuances Net Income Dividends (3 925) 9 995 Ending S Unadjusted ONE PRODUCT CORP Balance Sheet At January 31 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 Jan 8

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Please answer everything! Thank you! One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on

Please answer everything! Thank you!

One Product Corp. (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	$	19,680
Accounts Receivable		8,310
Allowance for Doubtful Accounts		1,005
Inventory		13,740
Prepaid Rent		1,840
Equipment		39,400
Accumulated Depreciation		3,840
Accounts Payable		0
Sales Tax Payable		500
FICA Payable		600
Withheld Income Taxes Payable		500
Salaries and Wages Payable		1,600
Unemployment Tax Payable		300
Deferred Revenue		4,500
Interest Payable		522
Note Payable (long-term)		23,200
Common Stock		16,700
Additional Paid-In Capital, Common		19,783
Retained Earnings		13,920
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%. OPCs January 1 inventory balance consists of 180 units at a total cost of $13,740. OPCs policy is to use the FIFO method, recorded using a perpetual inventory system.
The $1,840 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 employers 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.

January Transactions

On 1/01, OPC paid employees salaries and wages that were previously accrued on December 31.
A truck is purchased on 1/02 for $13,500 cash. It is estimated this vehicle will be used for 50,000 miles, after which it will have no residual value.
Payroll withholdings and employer contributions for December are remitted on 1/03.
OPC declares a $0.50 cash dividend on each share of common stock on 1/04, to be paid on 1/10.
A $1,010 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.
Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07.
On 1/08, OPC issued 300 shares of treasury stock for $2,400.
Collections from customers on account, totaling $17,771, are recorded on 1/09.
On 1/10, OPC distributes the $0.50 cash dividend declared on January 4. The companys stock price is currently $5 per share.
OPC purchases on account and receives 70 units of inventory on 1/11 for $4,270.
The equipment purchased last year for $39,400 is sold on 1/15 for $39,800 cash. Record depreciation for the first half of January prior to recording the equipment disposal.
Payroll for January 1-15 is recorded and paid on 1/16. Be sure to accrue unemployment taxes and the employers matching share of FICA taxes.
Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $23,817, which includes interest accrued in December and an additional $95 interest through January 17.
On 1/27, OPC records sales of 30 units of inventory on account. Sales tax is charged but not yet collected or remitted.
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.
To obtain funds for purchasing new equipment, OPC issued bonds on 1/30 with a total face value of $102,000, stated interest rate of 5 percent, annual compounding, and six-year maturity date. OPC received $92,276 from the bond 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 month.
OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Adjust the applicable accounts on 1/31, using the allowance method.
On 1/31, adjust for January rent expired.
Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employers matching share of FICA taxes.
Accrue OPCs corporate income taxes on 1/31, estimated to be $4,930.

JOURNAL ENTRIES REQUIRED:

On 1/01, OPC paid employees salaries and wages that were previously accrued on December 31. Record the transaction.

A truck is purchased on 1/02 for $13,500 cash. It is estimated this vehicle will be used for 50,000 miles, after which it will have no residual value. Record the transaction.

Payroll withholdings and employer contributions for December are remitted on 1/03. Record the transaction.

OPC declares a $0.50 cash dividend on each share of common stock on 1/04, to be paid on 1/10. Record the transaction.

A $1,010 customer account is written off as uncollectible on 1/05. Record the transaction.

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. Record the sale transaction.

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. Record the cost of goods sold.

Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. Record the transaction.

On 1/08, OPC issued 300 shares of treasury stock for $2,400. Record the transaction.

Collections from customers on account, totaling $17,771, are recorded on 1/09. Record the transaction.

On 1/10, OPC distributes the $0.50 cash dividend declared on January 4. The companys stock price is currently $5 per share. Record the transaction.

OPC purchases on account and receives 70 units of inventory on 1/11 for $4,270. Record the transaction.

The equipment purchased last year for $39,400 is sold on 1/15 for $39,800 cash. Record depreciation for the first half of January.

The equipment purchased last year for $39,400 is sold on 1/15 for $39,800 cash. Record the equipment disposal.

Payroll for January 1-15 is recorded and paid on 1/16. Be sure to accrue unemployment taxes and the employers matching share of FICA taxes. Record the transaction.

Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $23,817, which includes interest accrued in December and an additional $192 interest through January 17. Record the transaction.

On 1/27, OPC records sales of 30 units of inventory on account. Sales tax is charged but not yet collected or remitted. Record the sale transaction.

On 1/27, OPC records sales of 30 units of inventory on account. Sales tax is charged but not yet collected or remitted. Record the cost of goods sold.

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 United States governmental organization that is exempt from sales tax. Record the sale transaction.

To obtain funds for purchasing new equipment, OPC issued bonds on 1/30 with a total face value of $102,000, stated interest rate of 5 percent, annual compounding, and six-year maturity date. OPC received $92,276 from the bond issuance, which implies a market interest rate of 7 percent. Record the transaction.

On 1/31, OPC records units-of-production depreciation on the vehicle (truck), which was driven 2,000 miles this month. Record the transaction.

OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Adjust the applicable accounts on 1/31, using the allowance method. Record the transaction.

On 1/31, adjust for January rent expired. Record the transaction.

Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue unemployment taxes and the employers matching share of FICA taxes. Record the transaction.

Accrue OPCs corporate income taxes on 1/31, estimated to be $4,930. Record the transaction.

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Unadjusted ONE PRODUCT CORP. Income Statement For the Month Ended January 31 LossGain) on Disposal Income from Operations Income before Income Tax Expense Unadjusted - ONE PRODUCT CORP. Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid- Common Stock In Capital. Common Retained Earinings Treasury Stock S 13.920 Beginning Stock Issuances Net Income Dividends (3.925) 9.995 Ending S Unadjusted ONE PRODUCT CORP. Balance Sheet At January 31 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 Jan. 8? Unadjusted ONE PRODUCT CORP. Income Statement For the Month Ended January 31 LossGain) on Disposal Income from Operations Income before Income Tax Expense Unadjusted - ONE PRODUCT CORP. Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid- Common Stock In Capital. Common Retained Earinings Treasury Stock S 13.920 Beginning Stock Issuances Net Income Dividends (3.925) 9.995 Ending S Unadjusted ONE PRODUCT CORP. Balance Sheet At January 31 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 Jan. 8