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Brothers Harry and Herman Hausyerday began operations of their machine shop (H \& H Tool, incorporated) on January 1, 2020. The annual reporting period ends Decernbet 31 The trial balance on January 1,2021, foliows (the amounts ate rounded to thousands of dolters to simplity Transactions and events during 2021 (summarzed in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a shortterm note. b. Purchased land on March 2 for future bulding site, paid cash, 59 c. Issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use, $18 CPaid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start Fobruary 1,2022. h. Alecorded revenues of $160 on December 8 , including $40 on credit and $120 collected in cash. i Recopnued salaries and wages expense on December 9.585 paid in cash 1. Collected accounts receivabile on December 10, $24. Data for adjusting journal entries as of December 31 k. Unrecorded amortization for the year on software, $5. i 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. a. Salaries and wages eamed but not yet paid or recorded, $12 p. income tax for the year was $8, it will be paid in 2022 . (Enter sll of your answers in thousands of dollars. (1,e., $100,000 should be entered as $100). (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100 )). Calculate the Net Income, Net Profit Margin and Current Ratio. Net income can be found on Income statement tab. (Hint : Select Adjusted on the dropdown.) Brothers Harry and Herman Hausyerday began operations of their machine shop (H \& H Tool, incorporated) on January 1, 2020. The annual reporting period ends Decernbet 31 The trial balance on January 1,2021, foliows (the amounts ate rounded to thousands of dolters to simplity Transactions and events during 2021 (summarzed in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a shortterm note. b. Purchased land on March 2 for future bulding site, paid cash, 59 c. Issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use, $18 CPaid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start Fobruary 1,2022. h. Alecorded revenues of $160 on December 8 , including $40 on credit and $120 collected in cash. i Recopnued salaries and wages expense on December 9.585 paid in cash 1. Collected accounts receivabile on December 10, $24. Data for adjusting journal entries as of December 31 k. Unrecorded amortization for the year on software, $5. i 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. a. Salaries and wages eamed but not yet paid or recorded, $12 p. income tax for the year was $8, it will be paid in 2022 . (Enter sll of your answers in thousands of dollars. (1,e., $100,000 should be entered as $100). (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100 )). Calculate the Net Income, Net Profit Margin and Current Ratio. Net income can be found on Income statement tab. (Hint : Select Adjusted on the dropdown.)
