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TT, LUT, LUTU [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 balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization 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 Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals Debit $3 MINOS 12 e 55 19 0 0 0 $94 Credit $6 SSDOOO $94 Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $9. c. Issued additional shares of common stock on April 3 for $29 d. Purchased software on July 4, $10 cash. Purchaser sunnlies on account on October 5 for future lice $12 B my Totals 4 or incorrect for the work you have completed so far. It does not indicate comp Transactions and events during 2021 (summarized in thousands of dollars) follow a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $9. c Issued additional shares of common stock on April 3 for $29. d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use. $18. Paid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start February 1, 2022 h. Recorded revenues of $150 on December 8, including $35 on credit and $115 collected in cash Recognized salaries and wages expense on December 9, $80 paid in cash Collected accounts receivable on December 10, $19. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $5. Supplies counted on December 31, 2021, $10 m. Depreciation for the year on the equipment, $6. C4-2 (Algo) Part 8 n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022 Required: 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) Answer is complete but not entirely correct. H&H TOOL, INCORPORATED Post-Closing Trial Balance For the Month Ended December 31, 2021 (in thousands) Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Dividends $ Debit 65 x 21 10 9 60 X 25 X Credit 12 10 10 12 12 1 8 94 31 x 0x m. Depreciation for the year on the equipment, po. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022. C4-2 (Algo) Part 9 Required: 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 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 Net Income Net Profit Margin Req 9C How much net income did H & H Tool, Incorporated, generate during 2021? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.) % Req DA Req 9B > m. Depreciation for the year on the equipment, O. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022. C4-2 (Algo) Part 9 Required: 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 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 What is its current ratio? (Enter your answers in thousands of dollars.) Numerator Denominator Req 98 Current Ratio ensive Problem (Manual Posting) Required information Required: T accounts. Enter beginning balances and post journal entries from Part 2, the adjusting journal entries from Part 4, and the closi entry from Part 7. (Enter your answers in thousands of dollars.) Debit Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Debit Beginning Balanco Ending Balance Cash Supplies Equipment Credit Credit Credit Debit Beginning Balance Ending Balance Saved Debit Beginning Balance Ending Balance Required information Debit Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Beginning Balance Software Salaries and Wages Payable Debit Ending Balance Accounts Payable Credit Income Tax Payable Credit Credit Credit Debit Beginning Balance Ending Balance Beginning Balance Debit Ending Balance Accumulated Amortization Beginning glance Debit Ending Balance Notes Payable (short-term) Debit Ending Balance Beginning Balance Interest Payable Common Stock Credit 0 Credit Credit Credit ensive Problem (Manual Posting) i Required information Beginning Balance Debit Ending Balance Ending Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Salaries and Wages Expense Retained Earnings Debit Beginning Balance Amortization Expense 0 Credit Interest Expense Credit Credit Credit Debit Beginning Balance Ending Balance Saved Debit Beginning Balance Ending Balance