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Need help figuring out this problem with multiple steps have been working on it for days and everything I have entered is never correct so
Need help figuring out this problem with multiple steps have been working on it for days and everything I have entered is never correct so if someone is able to help me would be appreciated.
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, Inc.) on annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts thousands of dollars to simplify) Account Titles Credit Debit S 2 Cash Accounts Receivable 6 Supplies 13 Land C Equipment Accumulated Depreciation 61 S 5 Software 15 Accumulated Amortization 6 Accounts Payable Notes Payable (short-term) Salaries and Wages Payable 4 C 0 Interest Payable C Income Tax Payable C 73 Common Stock Retained Earnings Service Revenue C Salaries and Wages Expense C Depreciation Expense Amortization Expense C C Income Tax Expense Interest Expense C Supplies Expense C $97 $97 Totals Transactions and events during 2018 (summarized in thousands of dollars) follow: O O un Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $8 c. Issued additional shares of common stock on April 3 for $24 d. Purchased software on July 4, $11 cash e. Purchased supplies on account on October 5 for future use, $19 f Paid accounts payable on November 6, $12 g. Signed a $20o service contract on November 7 to start February 1, 2019. h. Recorded revenues of $162 on December 8, including $41 on credit and $121 collected in cash i. Recognized salaries and wages expense on December 9, $86 paid in cash j. Collected accounts receivable on December 10, $25 Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $6 1 Supplies counted on December 31, 2018, $12 Depreciation for the year on the equipment, $5 n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $7. It will be paid in 2019. m. Equipment Accumulated Depreciation Beg. Bal Beg. Bal End. Bal. End. Bal. Software Accumulated Amortization Beg. Bal Beg. Bal End. Bal. End. Bal Accounts Payable Notes Payable (short-term) Beg. Bal Beg. Bal End. Bal End. Bal Interest Payable Salaries and Wages Payable Beg. Bal Beg. Bal End. Bal End, Bal Beg. Bal Beg. Bal End. Bal End, Bal 0 0 Amortization Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal. End. Bal. 0 Interest Expense Supplies Expense Beg. Bal Beg. Bal End. Bal 0 End. Bal. 0 Unadjusted Trial Balance For the Year Ended December 31, 2018 (in thousands) Credit Account Titles Debit Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense |Supplies Expense Depreciation Expense Interest Exnense Journal entry worksheet 2 1 3 4 6 Record the adjusting entry for supplies counted on December 31, 2018 for $12 Note: Enter debits before credits. General Journal Transaction Debit Credit Accounts Payable Accounts Receivable Accumulated Amortization Record ent View general journal Accumulated Depreciation & OOL, INC. Adjusted Trial Balance At December 31, 2018 (in thousands) Account Titles Debit Credit Cash Accounts Receivable 22 Supplies 13 Land Equipment Accumulated Depreciation Software Accumulated Amortization 61 Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense 96 $ 0 Total Req 6A Req 6B Req 6C Prepare an income statement. (Enter your answers in thou H & H TOOL, INC. Income Statement For the Year Ended December 31, 2018 (in thousands) C C 9-a. How much net income did H & H Tool, Inc., generate during 2018? 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 Req 9B Req 9C Is the company financed primarily by liabilities or stockholders' equity? Stockholders' Equity OLiabilities
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