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C4-2 (Algo) From Recording Transactlons (Including Adjusting Journal Entrles) to Preparing Financlal Stotements and Closing Journal Entrles (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 baiance on January 1,2021 , follows (the amounts are rounded to thousands of dollars to simplify): Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a shortterm note. b. Purchased land on March 2 for future bullding site: paid cash, $8 c. Issued additional shares of common stock on April 3 for $33. d. Purchased software on July 4,$11 cash e Purchased supplies on account on October 5 for future use, $19 Paid accounts payable on November 6,$12. 9. Signed a $20 service contract on November 7 to start February 1,2022 h. Recorded revenues of $142 on December 8 , including $31 on credit and $111 collected in cash. 1. Recognized salaries and wages expense on December 9,$76 paid in cash 1. Collected accounts recelvable on December 10, $15 Data for adjusting journal entrles as or December 31 : k Unrecorded amonization for the year on software. $4 1. Supplies counted on December 31, 2021, \$12. m. Depreciation for the year on the equipment. $5 n. Interest of $1 to accrue on notes payable o. Solaries and wages eamed but not yet paid or recorded, $11 p. Income tax for the year was $7 it will be paid in 2022 n. Interest of $1 to accrue on notes payable: o. Salarles and wages eamed but not yet pald or recorded, $11. p. Income tax for the year was $7. it will be paid in 2022 C4-2 (Algo) Part 6 Requlred: 6.a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6.c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. Prepare an income statement. (Enter your answers in thousands of dollars.) a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future bullding site; pald cash, $8. c. Issued additional shares of common stock on April 3 for $33 d. Purchased software on July 4 , \$i1 cash. e. Purchased supplies on account on October 5 for future use, $19. f P Paid accounts payable on November 6,$12 g. Signed a $20 service contract on November 7 to start February 1, 2022 h Recorded revenues of $142 on December 8 , including $31 on credit and $111 collected in cash. 1. Recognized salarles and wages expense on December 9,$76 pald in cash. f. Collected accounts recelvable on December 10,$15. Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $4. L. Supplies counted on December 31, 2021, $12. m. Depreciation for the year on the equipment, $5. n. Interest of $1 to accrue on notes payable. a. Salaries and woges eamed but not yet pald or recorded. $11. p. Income tax for the year was $7. It will be paid in 2022 C4-2 (Algo) Part 6 Required: 6-a. Prepare an income statement 6.b. Prepare the statement of retained earnings. 6.c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings. (Enter your answers in thousands of dollars.) Required: 6.-. Prepare an income statement 6.b. Prepare the statement of retained earnings. 6.c. Prepare the balance sheet: Complete this question by entering your answers in the tabs below. 1. Recognized salaries and wages expense on December 9.576 paid in cash f. Collected accounts recelvable on December 10,$15 Dara for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on 5 oftware, 54 1. Supplies counted on December 31, 2021, \$12 m. Depreciation for the year on the equipment, 55 n Interest of $1 to accrue on notes payable o. Salarles and wages earned but not yet paid or recorded, $11 p. Income tax for the year was $7. It will be pald in 2022 C4-2 (Algo) Part 7 Requlred: 7. Prepare the closing journal entry. (If no entry is required for a transoctionievent, select "No Journal Entry Requirec account field. Enter your answers in thousands of dollers.) Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Nienet Eotst debits before oredas. k. Unrecorded amortzation for the year on software, $4. 1. Supplles counted on December 31, 2021, $12 m. Depreciation for the year on the equipment, $5. n. Interest of $1 to accrue on notes payable. 0 . Salaries and wages earned but not yet pald or recorded, $11. p. Income tax for the year was $7. It will be paid in 2022 C4-2 (Algo) Part 8 Reculred: 8. Prepare a post-closing thal balance. (Enter your answers in thousends of dollers.) Requlred: 9.0. How much net income did H&H Tool. Incorporated, generate during 2021 ? What was its net profit margin 9.b. Is the company financed primanly by llabilites 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, generate during 2021? What was its net profit margin? (Enter Ingome in thousands of dollafs, Round "Net Profit Margin" to 1 decimal place.) Requlred: 9.0. 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 llabilitles or stockholders' equity? 9.c. What is its current ratio? Complete this question by entering your answers in the tabs below. Is the company financed primarily by liabilities or stockholders' equity? 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 liabilites 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.) Data for adjusting joumal entries as of December 31 : k Unrecorded amortization for the year on software, $4. 1. Supplles counted on December 31, 2021, \$12. m. 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, $11, p. Income tax for the year was $7. it will be paid in 2022 C4-2 (Algo) Part 3 Requlred: 3. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollers.) vola rul aujusvify jumina elules as vi vehenuti ot k. Unrecorded amortization for the year on software, 54 1. Supplies counted on December 31,2021,512 m. Depreciation for the year on the equipment, $5 n interest of $1 to accrue on notes payable o. Salatles and wages earned but not yet paid or recorded, $11. Income tax for the year was $7. It will be paid in 2022 C4-2 (Algo) Part 5 Requlred: 5. Prepare an adjusted thal bolance (Enter your answers In thousands of dollers.)