[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 31, at the end of its first year of operations, were:
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ols Enabled: Project three Saved Required information [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 be prepared on December 31, at the end of its first year of operations, were: sok inces Cash Accounts Receivable 22,650 8,320 Allowance for Doubtful Accounts 1,085 Inventory 12,060 Prepaid Rent 2,000 Equipment 49,000 Accumulated Depreciation 4,800 Accounts Payable Sales Tax Payable 500 FICA Payable 600 Withheld Income Taxes Payable 500 Salaries and Wages Payable 1,600 Unemployment Tax Payable 300 Deferred Revenue 4,500 Interest Payable 540 Notes Payable (long-term) 24.000 Common Stock 19, 100 Additional Paid-In Capital, Common 20, 165 Retained Earnings 20, 340 Treasury Stock 4,000 The following information is relevant to the first month of onerations in the following year Prey 2 of 2 Next > Enabled: Project three Help SER Chec Retained Earnings 20, 340 Treasury Stock 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 percent. OPC's January 1 inventory balance consists of 180 units at a total cost of $12,060. OPC's policy is to use the FIFO method, recorded using a perpetual Inventory system. The $2,000 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. Transactions the state a. On 101, OPC paid employees' salaries and wages that were previously accrued on December 31 b. A truck is purchased on 1/02 for $11,500 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 103. d. OPC declares a $0.50 cash dividend on each share of common stock on 1/04 to be paid on 110 e. A $1,050 customer account is written off as uncollectible on 105. On V06, recorded sales of 175 units of inventory on account. Sales tax is charged but not yet collected or remitted to 9 Sales taxes of $500 that had been collected and recorded in December are paid to the state on 107 h. On 1/08, OPC issued 300 shares of treasury stock for $2.400 V. Collections from customers on account, totaling $18,171, are recorded on 09. 1. On 1/10, OPC distributes the $0.50 cash dividend declared on January 4. The company's stock price is currently 55 per share K OPC purchases on account and receives 70 units of inventory on 1/11 for $3.990. 7. The equipment purchased last year for $49,000 is sold on 115 for $51,000 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 $24.539, which includes interest accrued in December and an additional $99 interest through January 17. o. On 127. 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. covernmental organization that is exemot from sales tax Prey 12 of 2 !!! Next > Required information View transaction list View journal entry worksheet No Dahit Credit Date January 01 1 General Journal Salaries and Wages Payable Cash 2 January 02 11,500 Vehicles Cash 11,500 3 January 03 FICA Payable Withheld Income Taxes Payable Unemployment Tax Payable Cash January 04 Dividends Dividends Payable Puer 1 2 of 2 Next > Adjusted ONE PRODUCT CORPORATION Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid Common Stock In Capital Common Treasury Stock Retained Earnings $ 20,340 Beginning Stock Issuances Net Income Dividends Ending 0 (4,525) 15.815 Income Statement Balance Sheet > Next > 0 Required information LYURT Use the dropdowns to select the accounts properly included on the classified balance sheet. The una post-closing balances will appear for each account, based on your selection. Adjusted ONE PRODUCT CORPORATION Balance Sheet At January 31 $ 0 0 0 0 0 Prev 1 2 of 2 Next > u. Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue un employer's matching share of FICA taxes. V. Accrue OPC's corporate income taxes on 1/31, estimated to be $5,940. AR General General Income Statement of Requirement Journal Trial Balance Ledger Statement Stockholders Balance Sheet Equity Using the information from the requirements above, complete the 'Analysis' tab. 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 bond? Interest Payment What was the gain or loss was recognized on the issuance of Treasury Stock on January 8? ols Enabled: Project three Saved Required information [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 be prepared on December 31, at the end of its first year of operations, were: sok inces Cash Accounts Receivable 22,650 8,320 Allowance for Doubtful Accounts 1,085 Inventory 12,060 Prepaid Rent 2,000 Equipment 49,000 Accumulated Depreciation 4,800 Accounts Payable Sales Tax Payable 500 FICA Payable 600 Withheld Income Taxes Payable 500 Salaries and Wages Payable 1,600 Unemployment Tax Payable 300 Deferred Revenue 4,500 Interest Payable 540 Notes Payable (long-term) 24.000 Common Stock 19, 100 Additional Paid-In Capital, Common 20, 165 Retained Earnings 20, 340 Treasury Stock 4,000 The following information is relevant to the first month of onerations in the following year Prey 2 of 2 Next > Enabled: Project three Help SER Chec Retained Earnings 20, 340 Treasury Stock 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 percent. OPC's January 1 inventory balance consists of 180 units at a total cost of $12,060. OPC's policy is to use the FIFO method, recorded using a perpetual Inventory system. The $2,000 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. Transactions the state a. On 101, OPC paid employees' salaries and wages that were previously accrued on December 31 b. A truck is purchased on 1/02 for $11,500 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 103. d. OPC declares a $0.50 cash dividend on each share of common stock on 1/04 to be paid on 110 e. A $1,050 customer account is written off as uncollectible on 105. On V06, recorded sales of 175 units of inventory on account. Sales tax is charged but not yet collected or remitted to 9 Sales taxes of $500 that had been collected and recorded in December are paid to the state on 107 h. On 1/08, OPC issued 300 shares of treasury stock for $2.400 V. Collections from customers on account, totaling $18,171, are recorded on 09. 1. On 1/10, OPC distributes the $0.50 cash dividend declared on January 4. The company's stock price is currently 55 per share K OPC purchases on account and receives 70 units of inventory on 1/11 for $3.990. 7. The equipment purchased last year for $49,000 is sold on 115 for $51,000 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 $24.539, which includes interest accrued in December and an additional $99 interest through January 17. o. On 127. 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. covernmental organization that is exemot from sales tax Prey 12 of 2 !!! Next > Required information View transaction list View journal entry worksheet No Dahit Credit Date January 01 1 General Journal Salaries and Wages Payable Cash 2 January 02 11,500 Vehicles Cash 11,500 3 January 03 FICA Payable Withheld Income Taxes Payable Unemployment Tax Payable Cash January 04 Dividends Dividends Payable Puer 1 2 of 2 Next > Adjusted ONE PRODUCT CORPORATION Statement of Stockholders' Equity For the Month Ended January 31 Additional Paid Common Stock In Capital Common Treasury Stock Retained Earnings $ 20,340 Beginning Stock Issuances Net Income Dividends Ending 0 (4,525) 15.815 Income Statement Balance Sheet > Next > 0 Required information LYURT Use the dropdowns to select the accounts properly included on the classified balance sheet. The una post-closing balances will appear for each account, based on your selection. Adjusted ONE PRODUCT CORPORATION Balance Sheet At January 31 $ 0 0 0 0 0 Prev 1 2 of 2 Next > u. Accrue January 31 payroll on 1/31, which will be payable on February 1. Be sure to accrue un employer's matching share of FICA taxes. V. Accrue OPC's corporate income taxes on 1/31, estimated to be $5,940. AR General General Income Statement of Requirement Journal Trial Balance Ledger Statement Stockholders Balance Sheet Equity Using the information from the requirements above, complete the 'Analysis' tab. 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 bond? Interest Payment What was the gain or loss was recognized on the issuance of Treasury Stock on January 8?
