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can someone give me the correct answers? Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorporated) on January
can someone give me the correct answers?
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): Account Titles Debit Credit Cash $ 2 Accounts Receivable 6 Supplies 13 Land 0 Equipment 64 Accumulated Depreciation $ 5 Software 18 Accumulated Amortization Accounts Payable 4 Notes Payable (short-term) 0 Salaries and Wages Payable 0 Interest Payable 0 Income Tax Payable Common Stock Retained Earnings Service Revenue 0 Salaries and Wages Expense 0 Depreciation Expense 0 Amortization Expense 0 Income Tax Expense 0 Interest Expense 0 Supplies Expense 0 Totale $ 103 $ 103 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. Paid accounts payable on November 6, $12. 9. Signed a $20 service contract on November 7 to start February 1, 2022 h. Recorded revenues of $168 on December 8, including $44 on credit and $124 collected in cash. Recognized salaries and wages expense on December 9, $89 pald in cash. 1. Collected accounts receivable on December 10, $28. Data for adjusting Journal entries as of December 31 k Unrecorded amortization for the year on software, $4. 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 pald or recorded, $13. p. Income tax for the year was $7. It will be paid in 2022. References 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. Reg 9A Req 98 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 Not Profit Margin Reg DA Req 98 > es 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. Reg 9A Reg 98 Reg 90 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. Reg 9A Req 98 Req 90 What is its current ratio? (Enter your answers in thousands of dollars.) Current Ratio Numerator Denominator Step by Step Solution
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