Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can somebody help me in financial statement analysis please Brothers Harry and Herman Hausyerdiy began operations of their machine shop (H & H Tool, Inc.)

Can somebody help me in financial statement analysis please
image text in transcribed
image text in transcribed
Brothers Harry and Herman Hausyerdiy began operations of their machine shop (H \& H Tool, Inc.) 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 $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $9. c. Issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4,$10 cash. e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6,$13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $160 on December 8 , including $40 on credit and $120 collected in cash. i. Recognized salaries and wages expense on December 9,$85 paid in cash. j. Collected accounts receivable on December 10,\$24. Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $5. l. Supplies counted on December 31, 2021, $10. m. Depreciation for the year on the equipment, $6. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

4. Support and enliven your speech with effective research

Answered: 1 week ago

Question

3. Choose an appropriate topic and develop it

Answered: 1 week ago