Hequired intormation C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Enitries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] [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): Transactions and events during 2021 (summarized in thousands of dollarshollow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future bullding site; paid cash. $9. c. Issued additional shares of common stock on April 3 for $29. c. 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 $150 on December 8 , including $35 on credit and $115 collected in cash. 4. Recognized salaries and wages expense on December 9,$80 paid in cash. f. Collected accounts receivable on December 10,519 . 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, \$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 poid in 2022 . 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 llabilities or stockholders' equity? 9.c. What is its current ratio? Complete this question by entering your answers in the tabs below. How much net income did H&H Tool, Incorporated, Iyenerate during 2021 ? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Proft Margin" to 1 decimal place.) 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. Req 98 Is the company fin ancecapprimarily by liabilities or stockholders' equity? 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. What is its current ratio? (Enter your answers in thousands of dollars.)
