Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work Required information The following information applies to the questions displayed below! Brothers Harry and Herman Hausyerday began operations of their machine shop

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Check my work 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 Title Det Credit Cash 53 Accounts Receivable 5 Supplies 12 Land 0 Eigent 52 Accumulated Depreciation Software Melted motivation Accounts Payable tots Payable (short tere) Salaries and Mapas Payable Interest Payable Income Tax Payable Canon Stock Retained in Services Salaries and so Depreciation Asortition Ice Tot tetett Salles we Svet Help Save & E Supplies Expense Totals Che $ 940 $94 Transactions and events during 2021 (summarized in thousands of dollars) follow a. Borrowed $12 cash on March 1 using a short-term note. Purchased land on March 2 for future building site, paid cash. $9. cIssued additional shares of common stock on April 3 for $32. d. Purchased software on July 4, $10 cash, e. Purchased supplies on account on October 5 for future use. $18 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 $144 on December 8, including $32 on credit and $112 collected in cash Recognized salaries and wages expense on December 9, $77 paid in cash 1. Collected accounts receivable on December 10. $16. Data for adjusting Journal entries as of December 313 k. Unrecorded amortization for the year on software. $8. 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 Required information of 9 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? 4:07:34 ped Complete this question by entering your answers in the tabs below. Reg9A Reg 90 Reg 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 Marginto 1 decimal place.) ences Net Income Net Profit Margin % Reg 98 > Required: 9-. 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. Req 9A Reg 9B Reg 9C Is the company financed primarily by liabilities or stockholders' equity? Ostockholders' Equity iabilities Required: 9-o. 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? -19 Complete this question by entering your answers in the tabs below. Req 9A Reg 90 Reg 90 What is its current ratio? (Enter your answers in thousands of dollars) Current Ratio Numerator Denominator Req 96

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

Recommended Textbook for

Accounting Principles A Business Perspective Financial Accounting Chapters 9 To 18

Authors: Bill Buxton, Amy Sibiga

1st Edition

1461160863, 978-1461160861

More Books

Students also viewed these Accounting questions