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OMP4-1 Recording Transactions (including Adjusting and Closing Entries). Preparing Financial 4-3, 4.4 Statements, and Performing Ratio Analysis Brothers Mike and Tim Hargen began operations of their tool and die shop H & H Tool, Ine.) on January 1. 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015. Account miles Debi Credit Cash 6000 Accounts receivable Supple 13.000 Equipment 78,000 Accumulated depreciation (on equipment) 8000 Other assets detailed simplify 7000 Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8000 shares, $0.50 par value) 4000 80,000 Additional paid-in capital Retained earnings 17000 Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Remaining expenses (not detailed to simplify) Totals Transactions during 2015 follow: a. Borrowed $15,000 cash on a five-year,8 percent note payable, dated March 1,2015. b. Purchased land for a future building site; paid cash, S13,000. c Earned $215,000 in revenues for 2015, including $52,000 on credit and the rest in cash. d Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1,2015. e Incumed $114.000 in Remaining Expenses for 2015. including $20.000 on credit and the rest paid in cash. g Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. i Paid accounts payable, $26,000. j Signed a three-year $33,000 service contract to start February 1,2016. k Declared and paid cash dividends, $25,000. Data for adjusting entries: L supplies counted on December 31, 2015, $18,000. m. Depreciation for the year on the equipment $10,000. OMP4-1 Recording Transactions (including Adjusting and Closing Entries). Preparing Financial 4-3, 4.4 Statements, and Performing Ratio Analysis Brothers Mike and Tim Hargen began operations of their tool and die shop H & H Tool, Ine.) on January 1. 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015. Account miles Debi Credit Cash 6000 Accounts receivable Supple 13.000 Equipment 78,000 Accumulated depreciation (on equipment) 8000 Other assets detailed simplify 7000 Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8000 shares, $0.50 par value) 4000 80,000 Additional paid-in capital Retained earnings 17000 Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Remaining expenses (not detailed to simplify) Totals Transactions during 2015 follow: a. Borrowed $15,000 cash on a five-year,8 percent note payable, dated March 1,2015. b. Purchased land for a future building site; paid cash, S13,000. c Earned $215,000 in revenues for 2015, including $52,000 on credit and the rest in cash. d Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1,2015. e Incumed $114.000 in Remaining Expenses for 2015. including $20.000 on credit and the rest paid in cash. g Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. i Paid accounts payable, $26,000. j Signed a three-year $33,000 service contract to start February 1,2016. k Declared and paid cash dividends, $25,000. Data for adjusting entries: L supplies counted on December 31, 2015, $18,000. m. Depreciation for the year on the equipment $10,000
