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): Credit Debit $ 2 6 13 0 57 $ 5 18 8 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 0OOOOOO 70 9 0 $ 96 $ 96 Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $8. c. Issued additional shares of common stock on April 3 for $27. d. Purchased software on July 4, $11 cash. e. Purchased supplies on account on October 5 for future use, $19. f. Paid accounts payable on November 6, $12. g. Signed a $20 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $154 on December 8, including $37 on credit and $117 collected in cash. i. Recognized salaries and wages expense on December 9, $82 paid in cash. j. Collected accounts receivable on December 10, $21. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $8. 1. Supplies counted on December 31, 2021, $12. m. Depreciation for the year on the equipment, $5. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $11. p. Income tax for the year was $7. It will be paid in 2022. Unadjusted Trial Balance (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Totals $ 0 0 Journal entry worksheet Record the adjusting entry for supplies counted on December 31, 2021 for $12. Note: Enter debits before credits. Transaction General Journal Debit Credit I. Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for depreciation for the year on the equipment, $5. Note: Enter debits before credits. Transaction General Journal Debit Credit m. Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for salaries and wages earned but not paid for $11. Note: Enter debits before credits. Transaction General Journal Debit Credit 0. Record entry Clear entry View general journal Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit A Required: T accounts. Enter beginning balances and post journal entries from Part 2, the adjusting journal entries from Part 4, and the closing entry from Part 7. (Enter your answers in thousands of dollars.) Cash Accounts Receivable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Supplies Land Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Accumulated Depreciation Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Software Accumulated Amortization Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Accounts Payable Notes Payable (short-term) Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Salaries and Wages Payable Interest Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Income Tax Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Salaries and Wages Expense Debit Credit Beginning Balance Depreciation Expense Debit Beginning Balance Credit Ending Balance Ending Balance Income Tax Expense Amortization Expense Debit Beginning Balance Credit Credit Debit Beginning Balance Ending Balance Ending Balance Interest Expense Supplies Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Required: 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) H&H TOOL, INCORPORATED Post-Closing Trial Balance (in thousands) Account Titles Debit Credit 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 Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals Required: 9-a. How much net income did H & H Tool, Incorporated, generate during 2021? What was its net profit margin? 9-b. Is the company financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Req 9C How much net income did H & H Tool, Incorporated, generate during 2021? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.) Net Income Net Profit Margin % Required: 9-a. How much net income did H & H Tool, Incorporated, generate during 2021? What was its net profit margin? 9-b. Is the company financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Req 9C Is the company financed primarily by liabilities or stockholders' equity? Stockholders' Equity Liabilities Required: 9-a. How much net income did H & H Tool, Incorporated, generate during 2021? What was its net profit margin? 9-b. Is the company financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Req 9C What is its current ratio? (Enter your answers in thousands of dollars.) Current Ratio Numerator Denominator Hill 4. Prepare a statement of cash flows for the fiscal year ended August 31, 2021. (Cash outflows should be entered as negative amounts.) CHEESE FACTORY INCORPORATED Statement of Cash Flows Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities 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): Credit Debit $ 2 6 13 0 57 $ 5 18 8 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 0OOOOOO 70 9 0 $ 96 $ 96 Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $8. c. Issued additional shares of common stock on April 3 for $27. d. Purchased software on July 4, $11 cash. e. Purchased supplies on account on October 5 for future use, $19. f. Paid accounts payable on November 6, $12. g. Signed a $20 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $154 on December 8, including $37 on credit and $117 collected in cash. i. Recognized salaries and wages expense on December 9, $82 paid in cash. j. Collected accounts receivable on December 10, $21. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $8. 1. Supplies counted on December 31, 2021, $12. m. Depreciation for the year on the equipment, $5. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $11. p. Income tax for the year was $7. It will be paid in 2022. Unadjusted Trial Balance (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Totals $ 0 0 Journal entry worksheet Record the adjusting entry for supplies counted on December 31, 2021 for $12. Note: Enter debits before credits. Transaction General Journal Debit Credit I. Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for depreciation for the year on the equipment, $5. Note: Enter debits before credits. Transaction General Journal Debit Credit m. Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for salaries and wages earned but not paid for $11. Note: Enter debits before credits. Transaction General Journal Debit Credit 0. Record entry Clear entry View general journal Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit A Required: T accounts. Enter beginning balances and post journal entries from Part 2, the adjusting journal entries from Part 4, and the closing entry from Part 7. (Enter your answers in thousands of dollars.) Cash Accounts Receivable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Supplies Land Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Accumulated Depreciation Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Software Accumulated Amortization Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Accounts Payable Notes Payable (short-term) Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Salaries and Wages Payable Interest Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Income Tax Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Salaries and Wages Expense Debit Credit Beginning Balance Depreciation Expense Debit Beginning Balance Credit Ending Balance Ending Balance Income Tax Expense Amortization Expense Debit Beginning Balance Credit Credit Debit Beginning Balance Ending Balance Ending Balance Interest Expense Supplies Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Required: 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) H&H TOOL, INCORPORATED Post-Closing Trial Balance (in thousands) Account Titles Debit Credit 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 Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals Required: 9-a. How much net income did H & H Tool, Incorporated, generate during 2021? What was its net profit margin? 9-b. Is the company financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Req 9C How much net income did H & H Tool, Incorporated, generate during 2021? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.) Net Income Net Profit Margin % Required: 9-a. How much net income did H & H Tool, Incorporated, generate during 2021? What was its net profit margin? 9-b. Is the company financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Req 9C Is the company financed primarily by liabilities or stockholders' equity? Stockholders' Equity Liabilities Required: 9-a. How much net income did H & H Tool, Incorporated, generate during 2021? What was its net profit margin? 9-b. Is the company financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Req 9C What is its current ratio? (Enter your answers in thousands of dollars.) Current Ratio Numerator Denominator Hill 4. Prepare a statement of cash flows for the fiscal year ended August 31, 2021. (Cash outflows should be entered as negative amounts.) CHEESE FACTORY INCORPORATED Statement of Cash Flows Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities