Required Information [The following Information applies to the questlons displayed below.] One Product Corporation (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: 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 $12,240. OPC's policy is to use the FIFO method, recorded using a perpetual Inventory system. - The $1,780 in Prepald 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 Iffe of five years. It Is being depreciated using the straight-IIne method. - Employee wages are $4,000 per month. Employees are pald 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 perlod 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 perlod, and will be pald on March 31. - Deferred Revenue Is for 30 units ordered and pald 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 arlses from a three-year, 9 percent bank loan recelved on October 1 last year. - The par value on the common stock is $2 per share. - Treasury Stock arlses from the reacquisition of 500 shares at a cost of $8 per share. a. On 1/01, OPC pald employees' salarles 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 pald on 1/10. e. A $995 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 $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. k. OPC purchases on account and recelves 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 depreclation for the first half of January prior to recording the equipment disposal. m. Payroll for January 115 is recorded and pald 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 pald Is $23,509, which Includes Interest accrued in December and an additional $94 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 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 $99,000, stated Interest rate of 5 percent, annual compounding, and slx-year maturity date. OPC recelved $89,562 from the bond Issuance, which Implies a market interest rate of 7 percent. r. On 1/31, OPC records units-of-production depreclation on the vehicle (truck), which was driven 2,000miles this month. s. OPC estimates that 2% of the ending accounts recelvable 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 $4,940. 'repare all January journal entries and adjusting entries for items (a)-(v). Review the 'General Ledger' and the adjusted 'Trial alance' Tabs to see the effect of the transactions on the account balances. (If no entry is required for a transaction/event, elect "No journal entry required" in the first account field.) Journal entry worksheet On 1/01, OPC paid employees' salaries and wages that were previously accrued on December 31 . Record the transaction. Note: Enter debits before credits. Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Choose the appropriate accounts to be reported on the income statement, Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. 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. Jse the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted, idjusted, or post-closing balances will appear for each account, based on your selection. Using the information from the requirements above, complete the 'Analysis' tab. Required Information [The following Information applies to the questlons displayed below.] One Product Corporation (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: 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 $12,240. OPC's policy is to use the FIFO method, recorded using a perpetual Inventory system. - The $1,780 in Prepald 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 Iffe of five years. It Is being depreciated using the straight-IIne method. - Employee wages are $4,000 per month. Employees are pald 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 perlod 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 perlod, and will be pald on March 31. - Deferred Revenue Is for 30 units ordered and pald 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 arlses from a three-year, 9 percent bank loan recelved on October 1 last year. - The par value on the common stock is $2 per share. - Treasury Stock arlses from the reacquisition of 500 shares at a cost of $8 per share. a. On 1/01, OPC pald employees' salarles 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 pald on 1/10. e. A $995 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 $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. k. OPC purchases on account and recelves 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 depreclation for the first half of January prior to recording the equipment disposal. m. Payroll for January 115 is recorded and pald 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 pald Is $23,509, which Includes Interest accrued in December and an additional $94 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 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 $99,000, stated Interest rate of 5 percent, annual compounding, and slx-year maturity date. OPC recelved $89,562 from the bond Issuance, which Implies a market interest rate of 7 percent. r. On 1/31, OPC records units-of-production depreclation on the vehicle (truck), which was driven 2,000miles this month. s. OPC estimates that 2% of the ending accounts recelvable 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 $4,940. 'repare all January journal entries and adjusting entries for items (a)-(v). Review the 'General Ledger' and the adjusted 'Trial alance' Tabs to see the effect of the transactions on the account balances. (If no entry is required for a transaction/event, elect "No journal entry required" in the first account field.) Journal entry worksheet On 1/01, OPC paid employees' salaries and wages that were previously accrued on December 31 . Record the transaction. Note: Enter debits before credits. Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Choose the appropriate accounts to be reported on the income statement, Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. 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. Jse the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted, idjusted, or post-closing balances will appear for each account, based on your selection. Using the information from the requirements above, complete the 'Analysis' tab