Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2016 The annual reporting period ends December 31. The trial balance on January 1, 2017, follo Credit Debit 4,000 3,000 12,000 79,000 9,000 8.000 Account Titles Cash Accounts receivable Supplies Land Equipment Accumulated depreciation (on equipment) Other assets (not detailed to simplity Accounts payable Wages payable interest payable Income taxes payable Long-term notes payable Common stock (12,000 shares. $.50 par value) Additional paid in capital Retained earrings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Remaining expenses (not detailed to simplity) Totals 6,000 81,000 10,000 106,000 106,000 Transactions during 2017 follow. a Borrowed 20,000 cash on a 5-year, 12 percent note payable dated March 1, 2017 b. Purchased land for a future building site on March 15, 2017, paid cash. $12.000. Earned $223,000 in revenue Transactions dated August 30, 2017.including $50,000 on credit and the rest in cash d Sold 6000 additional shares of capital stock for cash at $1 market value per share on January 1, 2017 e. Incurred S116.000 in remaining expenses for 2017, invoices dated October 15, 2017 including $21,000 on credit and the rest paid in cash. t Collected accounts receivables on November 10, 2017, $35,000. Purchased other assets on November 15, 2017 $12,000 cash h. Purchased supplies on account for future use on December 1, 2017. $24.000 Paid accounts payable on December 15, 2017. $22.000 Signed a three year $30.000 service contract on December 17, 2017 to start February 1, 2018 Declared and paid cash dividends on December 20, 2017. $22.000 Data for adjusting entries Supplies counted on December 31, 2017, S15,000. m Depreciation for the year on the equipment, $11,000 Interest accrued on notes payable to be computed). Wages earned by employees since the December 24 payroll but not yet paid $14,000, p. Income tax expense, 510,000 payable in 2018 Required: 1. Prepare journal entries for transactions (a) through () (lf no entry is required for a transaction/event, select "No journal entry required in the first account field. View transaction list View journal entry worksheet No Transaction General Noumal Dehit Credit 2. Prepare the adjusting entries for transactions (0) through (p). (If no entry is required for a transaction/event, select "No journal entry required" in the first account f View transaction list View journal entry worksheet nne 4.25 points 3. Post the journal entries for transactions (a) through (k) and adjusting entries for transactions () through (p) to the respective T-Accounts Cash 4. Prepare an income statement (including earnings per share), statement of stockholders equity, and balance sheet. (For the Statement of Stockholders' Equity and Balance Sheet only, Items to be deducted must be indicated with Round "Earnings per share" to 2 decimal places.) H&H TOOL, INC Income Statement For the Year Ended December 31 2017 5. Identify the type of transaction for() through for the statement of cash flows for operating for investing F for financing and direction and amount of the fact ustas automat choose "NEO Transaction on Cash Flows Type of Ellect Direction and Amount of Effect 5. Prepare the desing entry on December 31, 2017 (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. After recording this closing entry, post the entry to the General Ledger in Pa Journal entry worksheet > Secord the December 31, 2017. dosing entne General Journal Debit Credit View general journal 7-a. Compute the current ratio for 2017 (Round your answer to 2 decimal places.) Current ratio 7-6. Compute the total asset turnover ratio for 2017 (Round your answer to 2 decimal places.) Total asset turaver 7-c. Compute the net profit margin ratio for 2017 (Enter your answer as a percentage rounded to 1 decimal place (ie, 0.123 should be entered as 12,3).) Neprofit margin