COS Required information The following information applies to the questions displayed below! Brothers Harry and Herman Hausyerday began operations of the machine shop H H Tool Incorporated on January 2020. The annual reporting period ends December 31 The trial balance on January 1 2021. foliows the amounts are rounded to thousands of dollars to simplify: 12 52 22 5 0 0 Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and wantes Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense upplies Expense Tatale 62 8 0 1.94 194 TH G | | | | | | Interest Expense Supplies Expense Totals 9 0 $94 $94 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 $32. d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use. $18. Pald 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. 1. Recognized salaries and wages expense on December 9, $77 paid in cash. 4. Collected accounts receivable on December 10. $16. Data for adjusting Journal entries as of December 31: k. Unrecorded amortization for year on software, $8. 2. 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: or 6-a. Prepare an income statement 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. Req 6A Reg 6B Req 6C Prepare an income statement. (Enter your answers in thousands of dollars.) H&H TOOL INCORPORATED Income Statement (in thousands) 0 HAH TOOL INCORPORATED it 5 of 9 (in thousands) Book Print mences D Reg 68 > eBook Complete this question by entering your answers in the tabs below. Pt References Reg 6A Req 6B Req 6C Prepare the statement of retained earnings. (Enter your answers in thousands of dollars.) H&H TOOL INCORPORATED Statement of Retained Earnings (in thousands) Balance, January 1, 2021 Balance, December 31, 2021 $ Mc 15 Required information Prepare the balance sheet your answers in thousands of dollars. Amounts to be deducted should be dicted by a minus) 19 HAHOOL INCORPORATED in thou Equipment 0 Software 0 0 0 $ 0 Check 1600 Required: 7. Prepare the closing journal entry. (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in thousands of dollars.) ROOM View transactions ces Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings Note: Enter debts before credits General Journal Debit Credit Transaction A 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) HARDCORPORATED Post closing Data Debit Credit in thousand Account Title Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Required information Accumulated Amortization Accounts Payable Noles Payable (short term) Salanes and Wages Payable Interest Payable Income Tax Payne Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals
