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:
Cash | 20,080 |
---|---|
Accounts Receivable | 8,240 |
Allowance for Doubtful Accounts | 955 |
Inventory | 12,600 |
Prepaid Rent | 1,740 |
Equipment | 33,400 |
Accumulated Depreciation | 3,240 |
Accounts Payable | 0 |
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 | 511 |
Notes Payable (long-term) | 22,700 |
Common Stock | 15,200 |
Additional Paid-In Capital, Common | 19,544 |
Retained Earnings | 9,910 |
Treasury Stock | 4,000 |
The following information is relevant to the first month of operations in the following year:
January Transactions
One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing...
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: Cash 21,980 Accounts Receivable 8,310 Allowance for Doubtful Accounts 1,065 Inventory 12,420 Prepaid Rent 1,960 Equipment 46,600 Accumulated Depreciation 4,560 Accounts Payable 0 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...
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its postclosing trial balance prepared on December 31, at the end of its first year of operations, were: Cash $ 19,500 Accounts Receivable 8,250 Allowance for Doubtful Accounts 885 Inventory 12,060 Prepaid Rent 1,600 Equipment 25,000 Accumulated Depreciation 2,400 Accounts Payable 0 Sales Tax Payable 500 FICA Payable 600 Withheld Income Taxes Payable 500 Salaries and Wages Payable 1,600 Unemployment Tax Payable 300 Unearned Revenue 4,500...
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: 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 19,385 Retained...
Required Information ABC Corporation was formed 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 as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In Capital, Common Retained Earnings 2,5ee 4,800...
[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:
Morgan Company’s balance sheet at December 31, 2019, is presented below.MORGAN COMPANYBalance SheetDecember 31, 2019Cash$30,000Accounts Payable$12,250Inventory30,500Interest Payable300Prepaid Insurance6,084Notes Payable60,000Equipment38,520Owner’s Capital32,554$105,104$105,104During January 2020, the following transactions occurred. (Morgan Company uses the perpetual inventory system.)1.Morgan paid $300 interest on the note payable on January 1, 2020. The note is due December 31, 2021.2.Morgan purchased $240,000 of inventory on account.3.Morgan sold for $489,000 cash, inventory which cost $263,000. Morgan also collected $31,785 in sales taxes.4.Morgan paid $236,000 in accounts payable.5.Morgan paid $16,500 in...
One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31: Cash $ 18,620 Accounts Receivable 9,650 Allowance for Doubtful Accounts 900 * Inventories 2,800 Deferred Revenue (30 units) 4,350 Accounts Payable 1,300 Note Payable (long-term) 15,000 Common Stock 5,000 Retained Earnings 4,520 * credit balance. The following information is relevant to the first month of operations in the following year: OTP will sell inventory at $145 per...
How to fill out balance sheet? Required Information ABC Corporation was formed 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 as follows: Cash $21. Bee 10. eee 200 10,5ee 1,200 25,880 2,400 Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Interest Payable Note Payable (long-term) Common Stock Additional Paid-In...
Chapter 14, Problem 1CPP Only need help with 5 - 8. I have 1 - 4 answered. thank you, The Tusquittee Company is a retail company that began operations on October 1, 2018, when it incorporated in the state of North Carolina. The Tusquittee Company is authorized to issue 100,000 shares of $1 par value common stock and 50,000 shares of 5%, $50 par value preferred stock. The company sells a product that includes a one-year warranty and records estimated...
Wascana Ltd. is a small wholesaler of restaurant supplies. The company’s post-closing trial balance at December 31, 2017, the end of its fiscal year, is presented below: The company had the following transactions during January 2018. When recording these transactions, use the item number listed in lieu of the date and also use that same item number if recording a subsequent adjustment pertaining to that item. Prepare T accounts and enter the December 31 balances. Question 3 Wascana Ltd. is...