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One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31: Cash accounts Receivable Allowance for Doubtful Accounts Inventory Deferred Revenue (40 unita) Accounts Payable Notes Payable (long-term) Common Stock Retained Earnings credit balance $ 39,710 12,260 680. 3,500 5,600 1,590 24,000 18,400 5,200 The following information is relevant to the first month of operations in the following year: OTP will sell inventory at $140 per unit OTP's January 1 Inventory balance consists of 50 units at a total cost of $3,500. OTP's policy is to use the FIFO method, recorded using a perpetual inventory system In December, OTP received a $5,600 payment for 40 units OTP is to deliver in January, this obligation was recorded in Deferred Revenue. Rent of $1.050 was unpaid and recorded in Accounts Payable at December 31. OTP's notes payable mature in three years, and accrue Interest at a 10% annual rate. January Transactions a. Included in OTP's January 1 Accounts Receivable balance is a $2,400 balance due from Jeff Letrotski. Jeff is having cash flow problems and cannot pay the $2,400 balance at this time. On 01/01, OTP arranges with Jeff to convert the $2,400 balance to a six. month note, ot 10% annual interest. Jeff signs the promissory note, which indicates the principal and all interest will be due and payable to OTP on July 1 of this year. b. OTP paid a $160 Insurance premium on OVO2, covering the month of January, the payment is recorded directly as an expense, C OTP purchased an additional 200 units of inventory from a supplier on account on OVO5 at a total cost of $10,000, with terms 1/30. d. OTP paid a courier $400 cash on 01/05 for same-day delivery of the 200 units of Inventory e. The 40 units that OTP's customer paid for in advance in December are delivered to the customer on 0V06. on 0107, OTP received a purchase allowance of $1,600 on account, and then paid the amount necessary to settle the balance owed to the supplier for the 1/05 purchase of inventory (inc). g Sales of 60 units of Inventory occurring during the period of OV07-0110 are recorded on 01/10. The sales terms are n/30. n. Collected payments on 01/14 from sales to customers recorded on 01/10. LOTP paid the first 2 weeks' wages to the employees on 0116. The total paid is $4.220. Wrote off a $1,400 customer's account balance on OV18. OTP uses the allowance method, not the direct write-off method. * Paid $2,100 on 01/19 for December and January rent. See the earlier bullets regarding the December portion. The January portion will expire soon, so it is charged directly to expense. OTP recovered $570 cash on 01/26 from the customer whose account had previously been written off on 0118. m. An unrecorded $120 utility bill for January arrived on 01/27. It is due on 02/15 and will be paid then n. Soles of 70 units of inventory during the period of 0110-0128, with terms n/30, are recorded on 0128. o of the soles recorded on 0128. 10 units are returned to OTP on 0130 The inventory is not damaged and can be resold, OTP charges sales returns to a contra-revenue account. p. On 0131, OTP records the $4,220 employee satory that is owed but will be pold February G, OTP uses the aging method to estimate and adjust for uncollectible accounts on 0131. All of OTP's accounts receivable fall into a single aging category, for which 10% is estimated to be uncollectible. (Update the balances of both relevant accounts prior to determining the appropriate adjustment) r. Accrue interest for January on the notes payable on 01/31 s. Accrue interest for January on Jeff Letrotski's note on 0131 (seed) will expire soon, so it is charged directly to expense. I OTP recovered $570 cash on 01/26 from the customer whose account had previously been written m. An unrecorded $120 utility bill for January arrived on 01/27. It is due on 02/15 and will be paid then. n. Sales of 70 units of inventory during the period of 01/10-01/28, with terms n/30, are recorded on 01/2 o. Of the sales recorded on 01/28, 10 units are returned to OTP on 01/30. The inventory is not damaged charges sales returns to a contra-revenue account. p. On 01/31, OTP records the $4,220 employee salary that is owed but will be paid February 1. 9. OTP uses the aging method to estimate and adjust for uncollectible accounts on 0131. All of OTP's ac single aging category, for which 10% is estimated to be uncollectible. (Update the balances of both re determining the appropriate adjustment.) r. Accrue interest for January on the notes payable on 01/31. s. Accrue interest for January on Jeff Letrotski's note on 01/31 (see a). General General Requirement Statement of Income Trial Balance Retained Journal Statement Balance Sheet Ledger Analy Earnings Choose the appropriate accounts to be reported on the income statement. Select the "adjusted' from the drop then populate the balances in those accounts from the trial balance. Unadjusted ONE TRICK PONY Income Statement For the Month Ended January 31 $ 0 $ 0 Net Sales 0 $ 0 $ 0 0 0 0 0 0 0 0 $ Income from Operations Interest Revenue (Expense), net 0 $ 0 ncluded in OTP's January 1 Accounts Receivable balance is a $2,400 balance due from Jeff Letrotski. Jeff is having cash flow Broblems and cannot pay the $2,400 balance at this time. On 01/01, OTP arranges with Jeff to convert the $2,400 balance to as month note, at 10% annual interest. Jeff signs the promissory note, which indicates the principal and all interest will be due and bayable to OTP on July 1 of this year. OTP paid a $160 insurance premium on 01/02, covering the month of January, the payment is recorded directly as an expense. DTP purchased an additional 200 units of inventory from a supplier on account on 0105 at a total cost of $10,000, with terms n/3 OTP paid a courier $400 cash on 01/05 for same-day delivery of the 200 units of inventory. The 40 units that OTP's customer paid for in advance in December are delivered to the customer on 01/06. on 01/07, OTP received a purchase allowance of $1,600 on account, and then paid the amount necessary to settle the balance owed to the supplier for the 1/05 purchase of inventory (inc). Sales of 60 units of inventory occurring during the period of 01/07-01/10 are recorded on 01/10. The sales terms are n/30. Collected payments on 01/14 from sales to customers recorded on 01/10. OTP paid the first 2 weeks' wages to the employees on 0116. The total paid is $4,220 Wrote off a $1,400 customer's account balance on 0118. OTP uses the allowance method, not the direct write-off method. Paid $2,100 on 01/19 for December and January rent. See the earlier bullets regarding the December portion. The January portion will expire soon, so it is charged directly to expense. OTP recovered $570 cash on 01/26 from the customer whose account had previously been written off on 0118. An unrecorded $120 utility bill for January arrived on 0127. It is due on 02/15 and will be paid then. Sales of 70 units of inventory during the period of 01/10-0128, with terms n/30, are recorded on 01/28. of the sales recorded on 0128, 10 units are returned to OTP on 0130. The inventory is not damaged and can be resold. OTP charges sales returns to a contra-revenue account On 01/31, OTP records the $4,220 employee salary that is owed but will be paid February 1. OTP uses the aging method to estimate and adjust for uncollectible accounts on 0131. All of OTP's accounts receivable fall into a single aging category, for which 10% is estimated to be uncollectible. (Update the balances of both relevant accounts prior to determining the appropriate adjustment.) Accrue interest for January on the notes payable on 01/31. Accrue interest for January on Jeff Letrotski's note on 01/31 (see a). Requirement General General Income Statement of Journal Ledger Trial Balance Statement Retained Balance Sheet Analysis Earnings Prepare the statement of retained earnings at the end of January 31. Enter the appropriate descriptions needed to complete the Statement of Retained Earnings. Unadjusted ONE TRICK PONY Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 5,200 Balance, January 31 $ 5.200 Income Statement Balance Sheet > p. On 0131, OTP records the $4,220 employee salary that is owed but will be paid February 1. 9. OTP uses the aging method to estimate and adjust for uncollectible accounts on 0131. All of OTP's accounts receivable single aging category, for which 10% is estimated to be uncollectible. (Update the balances of both relevant accounts price determining the appropriate adjustment.) 1. Accrue interest for January on the notes payable on 0131. s. Accrue interest for January on Jeff Letrotski's note on 01/31 (see a). General General Requirement Income Statement of Journal Ledger Trial Balance Statement Retained Balance Sheet Analysis Earnings Use the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Unadjusted ONE TRICK PONY Balance Sheet At December 31 Assets Current Assets $ 0 0 0 0 0 0 Total Assets $ 0 Liabilities Current Liabilities 0 0 0 Total Current Liabilities 0 0 Total Liabilities $ 0 Stockholders' Equity 0 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ 0 0 month note, at 10% annual interest Jeff signs the promissory note, which indicates the principal and all interest will be due and payable to OTP on July 1 of this year. b. OTP paid a $160 insurance premium on 01/02, covering the month of January, the payment is recorded directly as an expense. C. OTP purchased an additional 200 units of inventory from a supplier on account on 0105 at a total cost of $10,000, with terms n/30. d. OTP paid a courier $400 cash on 01/05 for same-day delivery of the 200 units of inventory e. The 40 units that OTP's customer paid for in advance in December are delivered to the customer on 01/06. f. On 01/07, OTP received a purchase allowance of $1,600 on account, and then paid the amount necessary to settle the balance owed to the supplier for the 1/05 purchase of inventory (in c). 9. Sales of 60 units of inventory occurring during the period of 01/07-01/10 are recorded on 01/10. The sales terms are n/30. h. Collected payments on 01/14 from sales to customers recorded on 01/10. 1. OTP paid the first 2 weeks' wages to the employees on 01/16. The total paid is $4,220. J. Wrote off a $1,400 customer's account balance on 0118. OTP uses the allowance method, not the direct write-off method. k. Paid $2,100 on 01/19 for December and January rent. See the earlier bullets regarding the December portion. The January portion will expire soon, so it is charged directly to expense. LOTP recovered $570 cash on 01/26 from the customer whose account had previously been written off on 01/18. m. An unrecorded $120 utility bill for January arrived on 0127. It is due on 02/15 and will be paid then. n. Sales of 70 units of inventory during the period of 01/10-01/28, with terms n/30, are recorded on 01/28. o. Of the sales recorded on 0128, 10 units are returned to OTP on 01/30. The inventory is not damaged and can be resold. OTP charges sales returns to a contra-revenue account p. On 0131, OTP records the $4.220 employee salary that is owed but will be paid February 1. 9. OTP uses the aging method to estimate and adjust for uncollectible accounts on 0131. All of OTP's accounts receivable fall into a single aging category, for which 10% is estimated to be uncollectible. (Update the balances of both relevant accounts prior to determining the appropriate adjustment.) . Accrue interest for January on the notes payable on 01/31 s. Accrue Interest for January on Jeff Letrotski's note on 01/31 (see a). Analysis Requirement General General Statement of Income Journal Ledger Trial Balance Statement Retained Balance Sheet Earnings For the month ended January 31, indicate the gross profit percentage. C) number of units in ending inventory, and () cost per unit of ending inventory (Round percentage answer to 1 decimal place.) Gross profit percentage % Number of units in ending inventory Units Cost per unit of ending inventory I OTP had used the percentage of sales method (using 2% of Net Salas) rather than the aging method, what amounts would OTC's January financial statements have reported for (1) Bad Debt Expense and (6) Accounts Receivable, net? Bad Debt Expense Accounts Receivable, net IF OTP had used LIFO rather than FIFO, what amount would OTC have reported for Cost of Goods Sold on 01/10? Cost of Goods Sold per Unit