Check my work 5 Part 5 of 9 Hook A Print Required information (The following information applies to the questions displayed below.) 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 9 Equipment 70 Accumulated Depreciation $ 5 Software 15 Accumulated Amortization 5 Accounts Payable 4 Notes Payable (short-term) 0 Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock 83 Retained Earnings 9 Service Revenue 0 Salaries and Wages Expense 0 Depreciation Expense 2 Amortization Expense A Income Tax Expense 0 Interest Expense B Supplies Expense Totals $ 106 $ 106 References 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 $24. d. Purchased software on July 4, $11 cash. e Purchased supplies on account on October 5 for future use, $19. Check my work 5 9 0 Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals Part 5 of 9 $ 186 $ 106 59 eBook Print 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 $24. 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. g. Signed a $20 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $180 on December 8, including $50 on credit and $130 collected in cash. i. Recognized salaries and wages expense on December 9, $95 paid in cash. j. Collected accounts receivable on December 10, $34. Data for adjusting journal entries as of December 31: : k. Unrecorded amortization for the year on software, $5. 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, $13. p. Income tax for the year was $7. It will be paid in 2022. References Required: 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Check my work 5 Required information Part 5 of Reg 6A Reg 6B Req 6C Prepare an income statement. (Enter your answers in thousands of dollars.) H & H TOOL, INCORPORATED Income Statement cBook in thousands) Print References 0 Check my work 07 5 Required information b-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Part 5 of 9 Complete this question by entering your answers in the tabs below. eBook Req 6A Reg 6 Reg 6C Prepare the statement of retained earnings. (Enter your answers thousands of dollars.) Print H & H TOOL, INCORPORATED Statement of Retained Earnings References (in thousands) Balance, January 1, 2021 Balance, December 31, 2021 Check my work 5 Required information Part 5 of 9 Prepare the balance sheet. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a minus sign.) H&H TOOL, INCORPORATED Balance Sheet (in thousands) eBook Print References 0 Equipment 0 Software 0 0 $
