[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: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent 22,000 8,300 1,055 12,240 1,940 45,400 Equipment Accumulated Depreciation 4,440 Accounts Payable Ө 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 533 Notes Payable (long-term) 23,700 Common Stock 18,200 Additional Paid-In Capital, Common 20,022 Retained Earnings 17,930 Treasury Stock 4,000
[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: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent 22,000 8,300 1,055 12,240 1,940 45,400 Equipment Accumulated Depreciation 4,440 Accounts Payable Ө 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 533 Notes Payable (long-term) 23,700 Common Stock 18,200 Additional Paid-In Capital, Common 20,022 Retained Earnings 17,930 Treasury Stock 4,000
Chapter6: Business Expenses
Section: Chapter Questions
Problem 44P
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![[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:
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Inventory
Prepaid Rent
22,000
8,300
1,055
12,240
1,940
45,400
Equipment
Accumulated Depreciation
4,440
Accounts Payable
Ө
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
533
Notes Payable (long-term)
23,700
Common Stock
18,200
Additional Paid-In Capital, Common
20,022
Retained Earnings
17,930
Treasury Stock
4,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7844ef20-451c-4e36-85cf-f08f8495a479%2Faae328f2-f0a9-4ee0-be84-66a5d4465de5%2Ftsyaj8i_processed.png&w=3840&q=75)
Transcribed Image Text:[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:
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Inventory
Prepaid Rent
22,000
8,300
1,055
12,240
1,940
45,400
Equipment
Accumulated Depreciation
4,440
Accounts Payable
Ө
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
533
Notes Payable (long-term)
23,700
Common Stock
18,200
Additional Paid-In Capital, Common
20,022
Retained Earnings
17,930
Treasury Stock
4,000
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