Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brothers Harry and Herman Hausyerday began operations of their machine shop (H&H Tool, Incorporated) on January 1 , 2020. The annual reporting period ends December

image text in transcribedimage text in transcribedimage text in transcribed

Brothers Harry and Herman Hausyerday began operations of their machine shop (H&H Tool, Incorporated) on January 1 , 2020. The annual reporting period ends December 31. The trial balance on January 1,2021 , follows (the amounts are rounded to thousands of dollars to simplify): Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $7. c. Issued additional shares of common stock on April 3 for $28. d. Purchased software on July 4,$12 cash. e. Purchased supplies on account on October 5 for future use, $17. f. Paid accounts payable on November 6,$14. g. Signed a $30 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $170 on December 8 , including $45 on credit and $125 collected in cash. i. Recognized salaries and wages expense on December 9,$90 paid in cash. j. Collected accounts receivable on December 10,$29. Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $5. I. Supplies counted on December 31, 2021, \$11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $11. p. Income tax for the year was $9. It will be paid in 2022. 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Energy Audit And Survey Of Street Light System A Preliminary Report

Authors: Dr. Manoj Dhondiram Patil

1st Edition

B08GBCWWFY, 979-8676818388

More Books

Students also viewed these Accounting questions

Question

The nature and importance of the global marketplace.

Answered: 1 week ago