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0 Cash Accounts Receivable 21,960 Allowance for Doubtful Accounts 8,320 Inventory 1,075 Prepaid Rent 12,600 Equipment 1,980 Accumulated Depreciation 47,800 Accounts Payable 4,680 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 538 Notes Payable (long-term) 23,900 Common Stock 18,800 Additional Paid-In Capital, Common 20,112 Retained Earnings 19,550 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 percent. OPC's January 1 Inventory balance consists of 180 units at a total cost of $12,600. OPC's policy is to use the FIFO method, recorded using a perpetual inventory system The $1,980 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 employer's matching contribution are paid monthly on the second day of the following month. In addition, unemployment taxes 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 . 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 a. On 101, OPC paid employees' salaries and wages that were previously accrued on December 31 b. A truck is purchased on 1/02 for $11,000 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 $1045 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. 9. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. n. On 1/08, OPC issued 300 shares of treasury stock for $2,400. 1. Collections from customers on account, totaling $18,121, are recorded on 1/09. 1. On 110. 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 $4,340, 1. The equipment purchased last year for $47,800 is sold on 1/15 for $49,600 cash Record depreciation for the first 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 $24,536, which includes interest accrued in December and an additional $98 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 US governmental organization that is exempt from sales tax. q. To obtain funds for purchasing new equipment, OPC issued bonds on 130 with a total face value of $109.000 stated Interest rate of 5 percent, annual compounding, and six-year maturity cote OPC received $98,609 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 vehicle (ruck), which was driven 2.000 miles this month S. OPC estimates that 2% of the ending accounts receivable balance will be uncollectible. Adjust the applicabile accounts on 1/31 using the allowance method. 1. On 1/31, adjust for January rent expired. u. Accrue January 31 payroll on 1/31, which will be payable on February. Be sure to accrue unemployment taxes and the employer's matching share of FICA taxes V. Accrue OPC's corporate income taxes on 131, estimated to be $5,510, General General Statement of Requirement Income Trial Balance Journal Stockholders Balance Sheet Analysis Ledger 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. Adjusted ONE PRODUCT CORPORATION Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid Common Stock in Capital Common $ 18.800 Rotained Earnings Treasury Stock $ 19,550 Beginning Stock Issuances Net Income Dividends 15 001 14.45051 CD 1 2 of 2 Next > Proy General Requirement General Statement of Journal Income Ledger Trial Balance Statement Stockholders Balance Sheet Analysis 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. Adjusted ONE PRODUCT CORPORATION Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid- Common Stock in Capital Common $ 18 800 Retained Earnings Treasury Stock 19,550 Beginning Stock Issuances Net Income Dividends 15 001 (4.450) 30.101 $ Ending ONE PRODUCT CORPORATION Trial Balance January 31, 2021 Account Title Debit Credit Cash s 145,654 21,749 339 740 11,000 GOOOOO 440 4340 23.362 1,600 500 Accounts Receivable Allowance for Doubtful Accounts inventory Vehicles Accumulated Depreciation Vehicles Accounts Payable Interest Payable Salaries and Wages Payable Withheld Income Taxes Payable FICA Payablo Unemployment Tax Payable Sales Tax Payable Income Tax Payable Deferred Revenue Notes Payable (long-term) Bonds Payable Discount on Bonds Payable Common Stock 300 300 DEE 1,845 5,510 750 23 362 109,000 10.391 18.800 1 2 of 2 Next > Prey Hyunca information H10 20.117 19,560 1,600 5,870 34.500 Additional Paid In Capital Common Stock Retained Earnings Treasury Stock Gain on Disposal of PPE Sales Revenue Cost of Goods Sold Bad Debt Expense Depreciation Expense Interest Expense Rent Expense Salaries and Wages Expense Income Tax Expense Dividends Total 16.200 309 830 98 1.980 4,000 5,510 4,700 248,123 5 248 123