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: $19,630 8,290 13. 320 1,789 35. 3,480 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 $89 4.500 515 22.000 15.00 19,640 11,51e 4.de 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 $13,320. OPC's policy is to use the FIFO method, recorded using a perpetual Inventory system . The $1.780 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-ine 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 day period include 52500! Income taxes and $150 of FICA taxes. These withholdings and the employer's matching contribution are paid monthly on the second day of the followinn minn inn m e d ench 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 1701. OPC paid employees' salaries and wages that were previously accrued on December 31 b. A truck is purchased on 1/02 for $12,000 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 $995 customer account is written off as uncollectible on 105. f On 1/06, recorded sales of 175 units of inventory on account. Sales tax is charged but not t 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. Collections from customers on account, totaling $16.740. 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. R. OPC purchases on account and receives 70 units of Inventory on 1/11 for $3.990. 1. The equipment purchased last year for $35.800 is sold on 1/15 for $35.600 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 $23.509, which includes interest accrued in December and an additional $94 Interest through January 17 0. 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 129. No sales tax is collected on this transaction because the customer is a U.S. governmental organization that is exempt from sales tax. G. To obtain funds for purchasing new equipment, OPC issued bonds on 1/30 with a total face value of $99.000, stated Interest rate of 5 percent, annual compounding, and six-year maturity date. Ord received $89,562 from the bond issuance, which implies a market interest rate of 7 percent. con 131, OPC records units of production depreciation on the vehicle truck, which was driven 12.000 miles this month S. OPC estimates that 2% of the ending accounts receivable balance will be un collectible. Adst the applicable account on 1/31. using the allowance method. LOn 1/31. adjust for January rent expired. Accrue January 31 payroll on 131, 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 $4.940. Statement of General General Income Trial Balance Requirement Analysis Stockholders Balance Sheet Journal Ledger Statement Equity Prepare all January journal entries and adjusting entries for items (a)-(v). Review the 'General Ledger and the adjusted Trial Balance Tabs to see the effect of the transactions on the account balances. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 ..... 26 On 1/01, OPC paid employees' salaries and wages that were previously accrued on December 31. Record the transaction Nota: Enter debits refute uredits General Journal Debit Credit Requirement General Journal General Ledger Income Statement Statement of Stockholders Balance Sheet Analysis Choose the appropriate accounts to be reported on the income statement. Select the adjusted from the dropdown, which then populate the balances in those accounts from the trial balance. Unadjusted - ONE PRODUCT CORP Income Statement For the Month Ended January 31 Loss Gain) on Disposal Income from Operations Income before Income Tax Expense 1 2 of 2 Next > Requirement General Journal General Ledger Trial Balance Income Statement Statement of Stockholders Balance Sheet Equity Analysis The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. You will need determine and enter the beginning and ending balances. Unadjusted ONE PRODUCT CORP. Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid- Common Stock In Capital. Common Retained Earinir as Treasury Stock 11,510 Beginning Stock Issuance Net Income Dividends (3.700) 7.810 Ending $ Required information At January 31 Om I. sumated to be $4.940. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Stockholders Balance Sheet Equity Analysis 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 band? Interest Payment What was the pain or loss was recognized on the issuance of Treasury Stook on Jan 8