Adjusted H&H TOOL, INC Trial Balance December 31, 2018 Account Title Debit Credit s 21 Cash Accounts Receivable Supplies Land 10 9 52 12 32 10 1 12 8 Equipment Accumulated Depreciation Equipment Software Accumulated Amortization Accounts Payable Interest Payable Salaries and Wages Payable Income Tax Payable Notes Payable (short-term) Common Stock Retained Earnings Service Revenue Amortization Expense Depreciation Expense Interest Expense Salaries and Wages Expense Supplies Expense income Tax Expense Total 99 8 144 8 6 1 89 322 $ 322 H&H TOOL, INC. Statement of Retained Earnings For the Year Ended December 31, 2018 Balance, January 1, 2018 8 Add: Net Income 12 Less: Dividend Balance, December 31, 2018 20 Income statement Rate answer here. Particulars $ A. Service Revenue 144 Less: B. operating expenses salaries and wages ($77 + $12) Depreciation Expense 89 6 8 Amortization Expense Interest Expense 1 Supplies Expense (see Working note) 20 Total operating expenses (8) 124 Operating income (A - B) 20 Less: Income tax paid (8) Net income 12 Working note u Calculation of Supplies expense Opening supplies as on 1-Jan-2018 12 Add: Purchases supplies 18 Total 30 Less: closing supplies as on 31-Dec-2018 (10) Supplies Expense 20 Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows the amounts are rounded to thousands of dollars to simplify: Debit Credit $ 3 5 12 Now $6 8 5 3 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 3 67 8 0 $94 $94 Transactions and events during 2018 (summarized in thousands of dollars) follow. a. Borrowed $12 cash on March 1 using a short-term note. 6. Purchased land on March 2 for future building site: pald cash, $9. c. Issued additional shares of common stock on April 3 for $32 d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use. $18. Pald accounts payable on November 6. $13. g. Signed a $25 service contract on November 7 to start February 1, 2019 h. Recorded revenues of $144 on December 8. Including S32 on credit and $112 collected in cash. 1. Recognized salaries and wages expense on December 9, $77 paid in cash J. Collected accounts receivable on December 10, $16. Data for adjusting Journal entries as of December 31: k. Unrecorded amortization for the year on software. $8. 1. Supplies counted on December 31, 2018. $10. m. Depreciation for the year on the equipment. $6. 17. Interest of $1 to accrue on notes payable, o. Salarles and wages earned but not yet pald or recorded, $12. 2. Income tax for the year was $8. It will be paid in 2019. Answer is not complete. Trial Balance General General Income Requirement Statement of Retained Analysis Balance Sheet Journal Ledger Statement Earnings Use the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing H&H TOOL, INC. Balance Sheet At December 31, 2018 (in thousands) S 0 IS 0 0 oooooo 0 0 0 0 0 O IS 0 (98) 0 0 0 0
