Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

if you could also tell me the formula for these that would be great! H&H Tool, Inc. Trial Balance on January 1, 2020 Credit Debit

if you could also tell me the formula for these that would be great!
image text in transcribed
image text in transcribed
image text in transcribed
H&H Tool, Inc. Trial Balance on January 1, 2020 Credit Debit 4,000 3,000 12,000 79,000 9,000 8,000 Cash Accounts receivable Supplies Land Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to simplify) Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (12,000 shares, 5.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 6,000 81,000 10,000 106,000 106,000 Transactions during 2020 follow a Borrowed $20,000 cash on a 5-year, 12 percent note payable, dated March 1, 2020. b. Purchased land for a future building site; paid cash. $12,000. c. Earned $223,000 in revenues for 2020, including $50,000 on credit and the rest in cash. d. Sold 6,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020 e. Incurred $90,000 in wages expense and $26,000 n miscellaneous expenses for 2020, with $21,000 on credit and the rest paid in cash. t. Collected accounts receivable, $35,000. g. Purchased other assets, $12,000 cash, h. Purchased supplies on account for future use. $24.000, 1. Pald accounts payable, $22,000. J. Signed a three-year $30,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1, $22,000, which were paid by December 31, Data for adjusting entries: 1. Supplies counted on December 31, 2020. $15,000. m. Depreciation for the year on the equipment, $11,000. n. Interest accrued on notes payable to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid. $14,000 p. Income tax expense, $10,000, payable in 2021, ori Assets Current assets Cash Accounts receivable Supplies At December 31, 2020 Liabilities Current liabilities: $ 35,000 Accounts payable 50.000 Wages payable Interest payable Income taxes payable 58:20 85.000 Total current liabilities Notes payable, long-term Total current assets Property, plant and equipment Land Equipment Accumulated depreciation cos Total liabilities Stockholders' equity Common stock Additional paid in capital Retained earnings Net property, plant and equipment 0 0 Total stockholders' equity Total liabilities and stockholders' equity Total assets $ 85,000 $ 0

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 for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

16th Edition

78110939, 978-0078110931

More Books

Students also viewed these Accounting questions