The following information is relevant to the first month of operations in the following year: - OPG sells its inventory at $150 per unit. plus sales tax of 6 percent opd s jantrary i inventory balance consists of 180 units at a total cost of $12,240.OPC s policy is to use the fifo method. Fecorded ising perpetual inventory system. - 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 $1,860 in Prepaid Rentrelates 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 16 th 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 ioan recelved 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. enuory Transoctions On 101. OPC paid employees' salaries and wages that were prevously adcrued on December 31. 2. A truck is purchased on 102 for $8,000 cash it is estimated this vehicle wi be used for 50,000 miles, after which it wit Wove noiresidual valuel Payrol wthholdings and employer contributions for Decemoer are remlted on vos. ope dec ares $00 dash dividend on each share of common stock on Yo4 to be paid on 1 ho 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 $1,015 customer account is written off as uncollectible on 105 . fon 1/06. recorded sales of 175 units of inventory on account. Sales tax is charged but not yet collected or remitted to the state. 9. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. h. On 108. OPC issued 300 shares of treasury stock for $2400. 1. Collections from customers on account, totaling $17,821, are recorded on 109 . On 1nO. 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 receives 70 units of inventory on h for $4.200. 4. The equipment purchased last year for $40.600 is sold on 1215 for $41,200cash. Record depreciation for the first half of Jenuary prior to recording the equipment disposal. m. Payroll for January 115 is recorded and paid on 116 . Be sure to accrue unempioyment taxes and the employer's matching share of FICA taxes. n. Having sold the equipment, OPC pays off the note payable in ful on 117 . The amount paid is $23,920, which includes interest accrued in December and an sdditional $96 interest through January 17 . a On 1/27. OPC records sales of 30 units of imentory on account Sales tax is charged out not yet collected or remitted. p. A portion of the advance order from December (25 units) is delivered on 129. No saies tax is collected on this transaction because the customer is a U.S. governmental ofgehization that s exempt from sales tax. a. To optain funds for purchasing new eoulpment. OPC issued bonds on 1,30 with a total face value of $103,000, stated interest rate of 5 percent, annusi compounding. and sixyear maturity date. OPC received $93.181 from the bond ssuence. which imples a maket interest rate of 7 percent ron 1/31, Opd records units-ofproduction depiecation on the vehicle lchek). which was driven 2,000 miles this month. = OPC estimates that 28 of the ending accounts recevable po ance wilbe uncollectible Acjust the applicable accounts on 1 ist. using the allowence method tion isiadjust fo january rent expired. 4. Accue Januafy g1 poyrol on 131; which wi be payoble on Februay. Be sure to accrue unemployment taxes and the employeris matching share of FiCA taxes. V. Accrue opCs corporate income taxes on 131. estimoted to be $5090. Journal entry worksheet On. 1/O1, OPC paid employees' salaries and wages that were previously accrued on December 31. Record the transaction. Noter enter dabik before credios Unadjusted ONEPRODUCT CORPORATION income Statement For the Month Ended January 31 stifenent of Stoeklooders Equity ? Unadjusted Unadjusted Using the information from the requirements above, complete the 'Analysis' tab. The following information is relevant to the first month of operations in the following year: - OPG sells its inventory at $150 per unit. plus sales tax of 6 percent opd s jantrary i inventory balance consists of 180 units at a total cost of $12,240.OPC s policy is to use the fifo method. Fecorded ising perpetual inventory system. - 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 $1,860 in Prepaid Rentrelates 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 16 th 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 ioan recelved 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. enuory Transoctions On 101. OPC paid employees' salaries and wages that were prevously adcrued on December 31. 2. A truck is purchased on 102 for $8,000 cash it is estimated this vehicle wi be used for 50,000 miles, after which it wit Wove noiresidual valuel Payrol wthholdings and employer contributions for Decemoer are remlted on vos. ope dec ares $00 dash dividend on each share of common stock on Yo4 to be paid on 1 ho 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 $1,015 customer account is written off as uncollectible on 105 . fon 1/06. recorded sales of 175 units of inventory on account. Sales tax is charged but not yet collected or remitted to the state. 9. Sales taxes of $500 that had been collected and recorded in December are paid to the state on 1/07. h. On 108. OPC issued 300 shares of treasury stock for $2400. 1. Collections from customers on account, totaling $17,821, are recorded on 109 . On 1nO. 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 receives 70 units of inventory on h for $4.200. 4. The equipment purchased last year for $40.600 is sold on 1215 for $41,200cash. Record depreciation for the first half of Jenuary prior to recording the equipment disposal. m. Payroll for January 115 is recorded and paid on 116 . Be sure to accrue unempioyment taxes and the employer's matching share of FICA taxes. n. Having sold the equipment, OPC pays off the note payable in ful on 117 . The amount paid is $23,920, which includes interest accrued in December and an sdditional $96 interest through January 17 . a On 1/27. OPC records sales of 30 units of imentory on account Sales tax is charged out not yet collected or remitted. p. A portion of the advance order from December (25 units) is delivered on 129. No saies tax is collected on this transaction because the customer is a U.S. governmental ofgehization that s exempt from sales tax. a. To optain funds for purchasing new eoulpment. OPC issued bonds on 1,30 with a total face value of $103,000, stated interest rate of 5 percent, annusi compounding. and sixyear maturity date. OPC received $93.181 from the bond ssuence. which imples a maket interest rate of 7 percent ron 1/31, Opd records units-ofproduction depiecation on the vehicle lchek). which was driven 2,000 miles this month. = OPC estimates that 28 of the ending accounts recevable po ance wilbe uncollectible Acjust the applicable accounts on 1 ist. using the allowence method tion isiadjust fo january rent expired. 4. Accue Januafy g1 poyrol on 131; which wi be payoble on Februay. Be sure to accrue unemployment taxes and the employeris matching share of FiCA taxes. V. Accrue opCs corporate income taxes on 131. estimoted to be $5090. Journal entry worksheet On. 1/O1, OPC paid employees' salaries and wages that were previously accrued on December 31. Record the transaction. Noter enter dabik before credios Unadjusted ONEPRODUCT CORPORATION income Statement For the Month Ended January 31 stifenent of Stoeklooders Equity ? Unadjusted Unadjusted Using the information from the requirements above, complete the 'Analysis' tab