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please help with this multi-part question, thank you for your time. Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H
please help with this multi-part question, thank you for your time.
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: Credit Debit $4 4 11 62 $ 7 18 7 6 0 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 Incone Tax Expense Interest Expense Supplies Expense Totals 72 7 $99 $99 Transactions and events during 2021 (summarized in thousands of dollars) follow a Borrowed $13 cash on March 1 using a short-term note, b. Purchased land on March 2 for future building site, paid cash, $7 e issued additional shares of common stock on April 3 for $25. d. Purchased software on July 4, $12 cash e Purchased supplies on account on October 5 for future use. $17 1 Paid accounts payable on November 6, S14 g Signed a $30 service contract on November 7 to start February 1, 2022 n Recorded revenues of $164 on December 8, including $42 on credit and $122 collected in cash Recognized salanes and wages expense on December 9, 587 paid in cash J. Collected accounts receivable on December 10, $26. Data for adjusting journal entres as of December 31 k Unrecorded amortization for the year on software $7 Supplies counted on December 31, 2021, $11 m Depreciation for the year on the equipment 57 n Interest of $2 to accrue on notes payable o Salaries and wages earned but not yet paid or recorded, 511 p. income tax for the year was 59 It will be paid in 2022 Credit H & H TOOL, INCORPORATED Adjusted Trial Balance At December 31, 2021 (in thousands) Account Titles Debit Cash $ 70 Accounts Receivable 20 Supplies 28 Land Equipment 62 Accumulated Depreciation Software 30 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 87 Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Total S 304 s 9 13 2 97 7 164 306 Req 6A Req 6B Req 6C Prepare an income statement. (Enter your answers in the H&H TOOL, INCORPORATED Income Statement (in thousands) 0 0 Reg 6 Complete this question by entering your answers in Req 6A Req 6B Req 60 Prepare the statement of retained earnings. (Enter your an H&H TOOL, INCORPORATED Statement of Retained Earnings (in thousands) Balance, January 1, 2021 Balance, December 31, 2021 $ 0 Req 6A Prepare the balance sheet. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a H&H TOOL, INCORPORATED Balance Sheet (in thousands) 0 0 Equipment 0 Software 0 D 0 0 Step by Step Solution
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