{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-09T14:49:36-04:00", "answer_date": "2024-06-09 14:49:36", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2519741", "url": "\/study-help\/questions\/the-following-information-applies-to-the-questions-displayed-below-2519741", "question_creation_date_js": "2024-06-09T14:49:36-04:00", "question_creation_date": "Jun 09, 2024 02:49 PM", "meta_title": "[Solved] [ The following information applies to th | SolutionInn", "meta_description": "Answer of - [ The following information applies to the questions displayed below. ] One Product Corporation ( OPC ) incorporated a | SolutionInn", "meta_keywords": "information,applies,questions,displayed,below,one,product,corporation,opc,incorporated,beginning,year", "question_title_h1": "[ The following information applies to the questions displayed below. ] One Product Corporation ( OPC ) incorporated at the beginning of last year. The", "question_title": "[ The following information applies to the questions displayed below. ] One", "question_title_for_js_snippet": " The following information applies to the questions displayed below One Product Corporation ( OPC ) incorporated at the beginning of last year The balances on its post closing trial balance prepared on December 3 1 , at the end of its first year of operations, were table Cash , 2 2 , 0 3 0 , Accounts Receivable, 8 , 3 0 0 , Allowance for Doubtful Accounts, 1 , 0 4 5 , Inventory , 1 2 , 0 6 0 , Prepaid Rent, 1 , 9 2 0 , Equipment , 4 4 , 2 0 0 , Accumulated Depreciation, 4 , 3 2 0 , Accounts Payable, 0 , Sales Tax Payable, 5 0 0 , FICA Payable, 6 0 0 , Withheld Income Taxes Payable, 5 0 0 , Salaries and Wages Payable, 1 , 6 0 0 , Unemployment Tax Payable, 3 0 0 , Deferred Revenue, 4 , 5 0 0 , Interest Payable, 5 3 1 , Notes Payable ( long term ) , 2 3 , 6 0 0 , Common Stock, 1 7 , 9 0 0 , Additional Paid In Capital, Common, 1 9 , 9 7 4 , Retained Earnings, 1 7 , 1 4 0 , Treasury Stock, 4 , 0 0 0 The following information is relevant to the first month of operations in the following year OPC sells its inventory at $ 1 5 0 per unit, plus sales tax of 6 percent OPC's January 1 inventory balance consists of 1 8 0 units at a total cost of $ 1 2 , 0 6 0 OPC's policy is to use the FIFO method, recorded using a perpetual", "question_description": "\"image
[<\/mi><\/mrow><\/math>The following information applies to the questions displayed below.<\/span>]<\/mi><\/mrow><\/math> <\/div>
One Product Corporation <\/span>(<\/mi><\/mrow><\/math>OPC<\/span>)<\/mi><\/mrow><\/math> incorporated at the beginning of last year. The balances on its post<\/span>-<\/mo><\/mrow><\/math>closing trial balance prepared on December <\/span>3<\/mn>1<\/mn>,<\/mo><\/mrow><\/math> at the end of its first year of operations, were:<\/span> <\/div>
\\<\/mi><\/mrow><\/math>table<\/span>[<\/mi>[<\/mi><\/mrow><\/math>Cash<\/span>,<\/mo>2<\/mn>2<\/mn>,<\/mo>0<\/mn>3<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Accounts Receivable,<\/span>8<\/mn>,<\/mo>3<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Allowance for Doubtful Accounts,<\/span>1<\/mn>,<\/mo>0<\/mn>4<\/mn>5<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Inventory<\/span>,<\/mo>1<\/mn>2<\/mn>,<\/mo>0<\/mn>6<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Prepaid Rent,<\/span>1<\/mn>,<\/mo>9<\/mn>2<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Equipment<\/span>,<\/mo>4<\/mn>4<\/mn>,<\/mo>2<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Accumulated Depreciation,<\/span>4<\/mn>,<\/mo>3<\/mn>2<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Accounts Payable,<\/span>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Sales Tax Payable,<\/span>5<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>FICA Payable,<\/span>6<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Withheld Income Taxes Payable,<\/span>5<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Salaries and Wages Payable,<\/span>1<\/mn>,<\/mo>6<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Unemployment Tax Payable,<\/span>3<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Deferred Revenue,<\/span>4<\/mn>,<\/mo>5<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Interest Payable,<\/span>5<\/mn>3<\/mn>1<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Notes Payable <\/span>(<\/mi><\/mrow><\/math>long<\/span>-<\/mo><\/mrow><\/math>term<\/span>)<\/mi>,<\/mo>2<\/mn>3<\/mn>,<\/mo>6<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Common Stock,<\/span>1<\/mn>7<\/mn>,<\/mo>9<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Additional Paid<\/span>-<\/mo><\/mrow><\/math>In Capital, Common,<\/span>1<\/mn>9<\/mn>,<\/mo>9<\/mn>7<\/mn>4<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Retained Earnings,<\/span>1<\/mn>7<\/mn>,<\/mo>1<\/mn>4<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Treasury Stock,<\/span>4<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>]<\/mi>]<\/mi><\/mrow><\/math> <\/div>
The following information is relevant to the first month of operations in the following year:<\/span><\/div>
OPC sells its inventory at $<\/span>1<\/mn>5<\/mn>0<\/mn><\/mrow><\/math> per unit, plus sales tax of <\/span>6<\/mn><\/mrow><\/math> percent. OPC's January <\/span>1<\/mn><\/mrow><\/math> inventory balance consists of <\/span>1<\/mn>8<\/mn>0<\/mn><\/mrow><\/math> units at a total cost of $<\/span>1<\/mn>2<\/mn>,<\/mo>0<\/mn>6<\/mn>0<\/mn>.<\/mo><\/mrow><\/math> OPC's policy is to use the FIFO method, recorded using a perpetual<\/span> <\/div><\/span> <\/div><\/div> \"image", "transcribed_text": "", "related_book": { "title": "Managerial Accounting", "isbn": "1118548639, 9781118800713, 1118338448, 9781118548639, 1118800710, 978-1118338445", "edition": "2nd edition", "authors": "Charles E. Davis, Elizabeth Davis", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/281.jpg", "uri": "\/textbooks\/managerial-accounting-2nd-edition-281", "see_more_uri": "" }, "free_related_book": { "isbn": "1893115046", "uri": "\/textbooks\/mike-and-phanis-essential-c-techniques-1999-edition-9783540662471-108881", "name": "Mike And Phanis Essential C++ Techniques", "edition": "1999 Edition" }, "question_posted": "2024-06-09 14:49:36", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/pedrick-inc-reports-the-following-liabilities-in-thousands-on-its", "description": "Pedrick, Inc. reports the following liabilities (in thousands) on its January 31, 2012, balance sheet and notes to the financial statements. 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