please help!
Required Information 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: $19,510 8,250 895 12,280 1,620 26, 2ee 2,520 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 500 680 580 1,600 380 4,500 497 22,180 13,480 19,258 5, 110 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%. OPC's January 1 Inventory balance consists of 180 units at a total cost of $12,200. OPC's policy is to use the FIFO method, recorded using a perpetual Inventory system . The $1,620 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 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 a. On 1/01, OPC pald employees' salaries and wages that were previously accrued on December 31. b. A truck is purchased on 1/02 for $8,000 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 $955 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. 1. Collections from customers on account, totaling $9,400, are recorded on 1/09. J. 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 $4.410. 1. The equipment purchased last year for $26,200 is sold on 1/15 for $24.400 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 $22,688, which Includes Interest accrued in December and an additional $91 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 1729. 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 $91,000, stated Interest rate of 5 percent, annual compounding, and six-year maturity date. OPC received $82,325 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 $3,840. No Date Debit Credit 1 Jan 01 General Journal Salaries and Wages Payable Cash 1.800 1,600 2 Jan 02 Vehicles 8,000 Cash 8.000 3 Jan 03 Withheld Income Taxes Payable 500 FICA Payable 600 Cash 1.100 4 Jan 04 Dividends Dividends Payable 5 Jan 05 Allowance for Doubtful Accounts 955 Accounts Receivable 955 Jan 06 Accounts Receivable 27.825 26.250 Sales Revenue Sales Tax Payable 1.575 7 Jan 08 Cost of Goods Sold Accounts Receivable Withheld Income Taxes Payable 8 Jan 07 Sales Tax Payable 500 Cash 500 8 Jan 07 500 Sales Tax Payable Cash 500 Jan 08 Cash 2.400 Treasury Stock 2.400 10 Jan 09 9.400 Cash Accounts Receivable 9,400 11 Jan 10 -3.075 Dividends Payable Cash 12 Jan 11 4.410 Inventory Accounts Payable 4,410 13 Jan 15 Accumulated Depreciation-Equipment Depreciation Expense 14 Jan 15 Cash Equipment Gain on Disposal of PPE 300 15 Jan 16 Salaries and Wages Expense Payroll Tax Expense Withheld Income Taxes Payable FICA Payable Unemployment Tax Payable 300 15 Jan 10 Salaries and Wages Expense Payroll Tax Expense Withheld Income Taxes Payable FICA Payable Unemployment Tax Payable Cash 300 16 Jan 17 Notes Payable (long-term) Interest Expense Interest Payable Cash 17 Jan 27 Accounts Receivable Sales Revenue Sales Tax Payable 18 Jan 27 Cost of Goods Sold Inventory 19 Jan 20 Deferred Revenue Sales Revenue 20 Jan 29 Cost of Goods Sold Inventory 21 Jan 30 82.325 Cash Discount on Bonds Payable Bonds Payable 20 Jan 20 Cost of Goods Sold Inventory 21 Jan 30 82,325 Cash Discount on Bonds Payable Bonds Payable 22 Jan 31 Depreciation Expense Accumulated Depreciation-Vehicles 23 Jan 31 Bad Debt Expense Allowance for Doubtful Accounts 24 Jan 31 Rent Expense Prepaid Rent 25 Jan 31 Salaries and Wages Expense Payroll Tax Expense Withheld Income Taxes Payable FICA Payable Unemployment Tax Payable Cash 26 Jan 31 3.840 Income Tax Expense Income Tax Payable 3.840 General Statement of General Income Requirement Trial Balance Journal Ledger 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 CORP. Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid Common Stock In Capital, Common Retained Earinings Treasury Stock S 5,110 Beginning Stock Issuances 0 Net Income Dividends (3.100) 2,010 Ending s Required Information 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: $19,510 8,250 895 12,280 1,620 26, 2ee 2,520 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 500 680 580 1,600 380 4,500 497 22,180 13,480 19,258 5, 110 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%. OPC's January 1 Inventory balance consists of 180 units at a total cost of $12,200. OPC's policy is to use the FIFO method, recorded using a perpetual Inventory system . The $1,620 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 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 a. On 1/01, OPC pald employees' salaries and wages that were previously accrued on December 31. b. A truck is purchased on 1/02 for $8,000 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 $955 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. 1. Collections from customers on account, totaling $9,400, are recorded on 1/09. J. 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 $4.410. 1. The equipment purchased last year for $26,200 is sold on 1/15 for $24.400 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 $22,688, which Includes Interest accrued in December and an additional $91 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 1729. 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 $91,000, stated Interest rate of 5 percent, annual compounding, and six-year maturity date. OPC received $82,325 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 $3,840. No Date Debit Credit 1 Jan 01 General Journal Salaries and Wages Payable Cash 1.800 1,600 2 Jan 02 Vehicles 8,000 Cash 8.000 3 Jan 03 Withheld Income Taxes Payable 500 FICA Payable 600 Cash 1.100 4 Jan 04 Dividends Dividends Payable 5 Jan 05 Allowance for Doubtful Accounts 955 Accounts Receivable 955 Jan 06 Accounts Receivable 27.825 26.250 Sales Revenue Sales Tax Payable 1.575 7 Jan 08 Cost of Goods Sold Accounts Receivable Withheld Income Taxes Payable 8 Jan 07 Sales Tax Payable 500 Cash 500 8 Jan 07 500 Sales Tax Payable Cash 500 Jan 08 Cash 2.400 Treasury Stock 2.400 10 Jan 09 9.400 Cash Accounts Receivable 9,400 11 Jan 10 -3.075 Dividends Payable Cash 12 Jan 11 4.410 Inventory Accounts Payable 4,410 13 Jan 15 Accumulated Depreciation-Equipment Depreciation Expense 14 Jan 15 Cash Equipment Gain on Disposal of PPE 300 15 Jan 16 Salaries and Wages Expense Payroll Tax Expense Withheld Income Taxes Payable FICA Payable Unemployment Tax Payable 300 15 Jan 10 Salaries and Wages Expense Payroll Tax Expense Withheld Income Taxes Payable FICA Payable Unemployment Tax Payable Cash 300 16 Jan 17 Notes Payable (long-term) Interest Expense Interest Payable Cash 17 Jan 27 Accounts Receivable Sales Revenue Sales Tax Payable 18 Jan 27 Cost of Goods Sold Inventory 19 Jan 20 Deferred Revenue Sales Revenue 20 Jan 29 Cost of Goods Sold Inventory 21 Jan 30 82.325 Cash Discount on Bonds Payable Bonds Payable 20 Jan 20 Cost of Goods Sold Inventory 21 Jan 30 82,325 Cash Discount on Bonds Payable Bonds Payable 22 Jan 31 Depreciation Expense Accumulated Depreciation-Vehicles 23 Jan 31 Bad Debt Expense Allowance for Doubtful Accounts 24 Jan 31 Rent Expense Prepaid Rent 25 Jan 31 Salaries and Wages Expense Payroll Tax Expense Withheld Income Taxes Payable FICA Payable Unemployment Tax Payable Cash 26 Jan 31 3.840 Income Tax Expense Income Tax Payable 3.840 General Statement of General Income Requirement Trial Balance Journal Ledger 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 CORP. Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid Common Stock In Capital, Common Retained Earinings Treasury Stock S 5,110 Beginning Stock Issuances 0 Net Income Dividends (3.100) 2,010 Ending s
