an income statement, including earnings for your statement stockholders equity and the balance sheet. thie is what i have so far help!
Required information Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: H & H Tool, Inc. Trial Balance on January 1, 2020 Debit Credit Cash 5,000 Accounts receivable 4,000 Supplies 27,000 Land Equipment 94,000 Accumulated depreciation (on equipment) 13, eee Other noncurrent assets (not detailed to simplify) 8,eee Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $.50 par value) 4,000 Additional paid-in capital 96,000 Retained earnings 25, eee Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 138,000 138,000 Transactions during 2020 follow. a. Borrowed $24,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020 b. Purchased land for a future building site; paid cash, $19,000 c. Earned $308,000 in revenues for 2020, including $65,000 on credit and the rest in cash. d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $105,000 in wages expense and $41,000 in miscellaneous expenses for 2020, with $36,000 on credit and the rest paid in cash mework Saved Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 138,000 138,000 Transactions during 2020 follow: a. Borrowed $24,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020, b. Purchased land for a future building site; paid cash. $19,000. c. Earned $308,000 in revenues for 2020, including $65,000 on credit and the rest in cash. d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020 e. Incurred $105,000 in wages expense and $41,000 in miscellaneous expenses for 2020, with $36,000 on credit a rest paid in cash. 1. Collected accounts receivable, $40,000. g. Purchased other assets, $14,000 cash. h. Purchased supplies on account for future use. $39,000 1. Paid accounts payable, $38,000. J. Signed a three-year $45,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1, $20,000, which were paid by December 31, Data for adjusting entries: 1. Supplies counted on December 31, 2020, $30,000. m. Depreciation for the year on the equipment, $15,000. n. Interest accrued on notes payable to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid $17,000. p. Income tax expense, $14,000, payable in 2021. "Earnings per share" to 2 decimal places.) Complete this question by entering your answers in the tabs below. Income Stmt of Statement Stockholders Balance Sheet Equity Prepare an income statement (including earnings per share). (Round "Earnings per share" to 2 decimal places.) H&H TOOL, INC. Income Statement For the Year Ended December 31, 2020 Operating revenues: Service revenue S 308,000 Operating expenses: Depreciation expense Supplies expense Wages expense 15,000 36,000 122,000 173,000 Total operating expenses Operating income Other item: Neyt
