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: Credit 17,000 & Tool, Inc. Trial Balance on January 1, 2020 Account Titles Debit Cash 6,000 Accounts receivable 5,000 Supplies 20,000 Land Equipment 87,000 Accumulated depreciation con equipment) Other noncurrent assets (not detailed to simplify) 9,000 Accounts payable Wages payable Interest payable Dividenda payable Income taxes payable Long-term notes payable Common stock (10.000 shares. $.50 par value) Additional paid in capital Retained earnings Service revenue Depreciation expense Supplies expense Mages expense Interest expense Income tax expense Miscellaneous expenses not detailed to simplify) Totals 122,000 5,000 89,000 16.000 25 127.000 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 on March 15, 2020; paid cash, $20,000 c. Earned $287000 in revenue. Transactions dated August 30, 2020, including $58,000 on credit and the rest in cash d. Sold 6,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020 e. Incurred $98,000 in wages expense and $34,000 in miscellaneous expenses for 2020, with $29,000 on credit and the rest paid in cash 1. Collected accounts receivables on November 10, 2020, $33,000 9. Purchased other assets on November 15, 2020, $20,000 cash. h. Purchased supplies on account for future use on December 1, 2020, $32,000 L. Pald accounts payable on December 15, 2020, $30,000. Signed a three year $38.000 service contract on December 17, 2020 to start February 1, 2021 J. Signed a three-year $38,000 service contract on December 17, 2020 to start February 1, 2021. k. Declared cash dividends on December 1, 2020, $30,000, which were paid by December 31. Data for adjusting entries: 1. Supplies counted on December 31, 2020, $23,000. m. Depreciation for the year on the equipment. $19,000. n. Interest accrued on notes payable to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, $22,000. p. Income tax expense, $18,000, payable in 2021. General General Income Statement Balance Stmt of Requirement Trial Balance Analysis Journal Ledger Statement of SE Sheet Cash Flows Prepare journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" 1 the first account field.) View transaction ist Journal entry worksheet 1 2 3 4 5 6 7 8 .. 18 Borrowed $24,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020. Note: Enter debits before credits General Journal Debit Transaction March 01, 2020 Credit General General Income Statement Requirement Balance Stmt of Trial Balance Ledger Journal Statement of SE Sheet Analysis Cash Flows Each journal entry is posted automatically to the general ledger. Use the drop-down box below to view the unadjusted, adjusted, or post-closing balances in the General Ledger. Unadjusted General Ledger Account Cash Accounts receivable Debit Credit No. Debit Credit No. Date January 01, 2020 Balance 6,000 Date January 01, 2020 Balance 5,000 Equipment Supplies Debit No. Credit No Debit Credit Date January 01. 2020 Balance 20,000 Date January 01, 2020 Balance 87,000 Accumulated depreciation equipment Date Debit Credit Balance January 01, 2020 Other assets Debit No. No Credit Balance 17,000 Date January 01, 2020 0.000 Common stock Debit Credit No. No. Date January 01. Balance 5,000 Additional paid.in capital Date Debit Credit January 01, 2020 Balance 89.000 2020 Retained earnings Debit Credit No. Date January 01, 2020 Balance 16.000 You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Unadjusted H&H Tool, Inc. Trial Balance December 31, 2020 Account Title Debit Credit Cash 6,000 Accounts receivable 5.000 Supplies 20,000 Equipment 87,000 Accumulated depreciation equipment 17,000 Other assets 9,000 Common stock 5,000 Additional paid in capital 89,000 Retained earnings 16,000 Total $ 127.000 $ 127,000 Use the drop-downs below to select the accounts that should be properly included on the income statemen compute earnings per share. The unadjusted or adjusted balances will appear for each account, based on your selectior drop-downs. (Round your Earnings per share answer to 2 decimal places.) Unadjusted H & H Tool, Inc. Income Statement For the Year Ended December 31, 2020 Operating revenues Operating expenses: Total operating expenses Other item: Net income Earnings por share Data for adjusting entries 1. Supplies counted on December 31, 2020, $23,000. m. Depreciation for the year on the equipment, $19,000. n. Interest accrued on notes payable to be computed), o. Wages earned by employees since the December 24 payroll but not yet paid, $22,000. p. Income tax expense, $18,000, payable in 2021. Requirement General Journal Ledger Trial Balance Income Statement Statement of SE Balance Sheet Stmt of Cash Flows Analysis Use the drop-downs to select the accounts that should be properly included on the statement of stockholders equity and enter the appropriate amounts. (Amounts to be deducted should be indicated with a minus sign.) H&H TOOL, INC Statement of Stockholders' Equity For the Year Ended December 31, 2020 Common Additional Stock Pald in Capital Retained Earnings Total Stockholders Equity Balanco, January 1, 2020 Balance, December 31, 2020 Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Stmt of Cash Flows Analysis Use the drop-downs below to select the accounts that should be properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection in the drop-downs. (Include all balance sheet accounts, even those with zero balances.) Unadjusted H&H TOOL, INC. Balance Sheet At December 31, 2020 Liabilities Current assets Current liabilities: Assets Total current liabilities Total current assots Property, plant and equipment: Total liabilities Stockholders' equity Net property, plant and equipment Total stockholders' equity Total abilities and stockholders equity Total assets Statement of SE Stunt of Cash Flows > Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Stmt of Cash Flows Analysis Identify the type of transaction for (1) through (11) for the statement of cash flows (O for operating, I for investing, F for financing), and the direction and amount of the effect. (List cash outflows as negative amounts. For transactions with no effect, choose "NE".) Transaction Type of Effect on Cash Flows Direction and Amount of Effect 1 2 3. 4. 5. 6. 7. 8. 9. 10 11 Data for adjusting entries: 1. Supplies counted on December 31, 2020, $23,000. m. Depreciation for the year on the equipment, $19,000. n. Interest accrued on notes payable to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, $22,000, p. Income tax expense, $18,000, payable in 2021. Requirement General General Income Statement Trial Balance Balance Journal Stmt of Ledger Analysis Statement of SE Sheet Cash Flows Compute the applicable ratios shown below for 2017. (Round your answers for a. and b. to 2 decimal places. Enter your answer for c. as a whole percentage rounded to one decimal place (i.e. 288 should be entered as 28.8).) a. Compute the current ratio for 2020. Current ratio b. Compute the total asset turnover ratio for 2020, Total asset turnover c. Compute the net profit margin ratio for 2020. Net profit margin %