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):

Transactions and events during 2018 (summarized in thousands of dollars) follow:

1. Borrowed $12 cash on March 1 using a short-term note.
2. Purchased land on March 2 for future building site; paid cash, $9.
3. Issued additional shares of common stock on April 3 for $23.
4. Purchased software on July 4, $10 cash.
5. Purchased supplies on account on October 5 for future use, $18.
6. Paid accounts payable on November 6, $13.
7. Signed a $25 service contract on November 7 to start February 1, 2019.
8. Recorded revenues of $160 on December 8, including $40 on credit and $120 collected in cash.
9. Recognized salaries and wages expense on December 9, $85 paid in cash.
10. Collected accounts receivable on December 10, $24.

Data for adjusting journal entries as of December 31:

11. Unrecorded amortization for the year on software, $5.
12. Supplies counted on December 31, 2018, $10.
13. Depreciation for the year on the equipment, $6.
14. Interest of $1 to accrue on notes payable.
15. Salaries and wages earned but not yet paid or recorded, $12.
16. Income tax for the year was $8. It will be paid in 2019.

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 con 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 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 00 Rooooooo $95 $95 Recorded revenues of $160 on December 8, including $40 on credit and $120 collected in cash. Record the transaction. Note: Enter debits before credits. Date General Journal Credit Debit 160 Dec 08, 2018 : Cash 120 120 Record entry Clear entry View general journal Supplies counted on December 31, 2018, $10. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2018 Record entry Clear entry View general journal Depreciation for the year on the equipment, $6. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2018 Record entry Clear entry View general journal Interest of $1 to accrue on notes payable. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2018 Record entry Clear entry View general journal Salaries and wages earned but not yet paid or recorded, $12. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2018 Record entry Clear entry View general journal Income tax for the year was $8. It will be paid in 2019. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2018 Record entry Clear entry View general journal Record the necessary closing entry. Combine the closing of revenue and expenses into one entry. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2018 Record entry Clear entry View general journal LIIOODE CII CIPPIOPLICE CICCOLII CU DESPOILE then populate the balances in those accounts from the trial ba Adjusted H&H TOOL, INC. Income Statement For the Year Ended December 31, 2018 (in thousands) $ 0 Use the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted, adjusted, or post-closing balances wil for each account, based on your selection. Adjusted H & H TOOL, INC. Balance Sheet At December 31, 2018 (in thousands) Calculate the Net Income, Net Profit Margin and Current Ratio. Net income can be found on Income statement tab. (Hint : Select Adjusted on the dropdown.) Adjusted Dates: Jan 01, 2018 to: Dec 31, 2018 - How much net income did H & H Tool, Inc., generate during 2018? What was its net profit margin? (Round "Net Profit Margin" to 1 decimal place.) Net income Net Profit Margin Is the company financed primarily by liabilities or stockholders' equity? What is its current ratio? (Round your answer to 2 decimal places.) Current Ratio