Answered step by step
Verified Expert Solution
Question
1 Approved Answer
pls include the earnings per share and follow the format mat plssss please Brothers Mike and Tim Hargenrater began operations of their tool and die
pls include the earnings per share and follow the format mat plssss please
Brothers Mike and Tim Hargenrater began operations of their tool and die shop ( H \& H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31 . The trial balance on January 1, 2020, follows: Transactions during 2020 follow: a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1 , 2020. b. Purchased land for a future building site; paid cash, $13,000. c. Earned $215,000 in revenues for 2020 , 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, 2020. e. Incurred $89,000 in wages expense and $25,000 in miscellaneous expenses for 2020 , with $20,000 on credit and the rest paid in cash. f. Collected accounts receivable, $34,000. g. Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. L. Paid accounts payable, $26,000. j. Signed a three-year $33,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1,$25,000, which were paid by December 31. [Hint: Prepare two entries.] Data for adjusting entries: 1. Supplies counted on December 31,2020,$18,000. m. Depreciation for the year on the equipment, $10,000. n. Interest accrued on notes payable (to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, $16,000. p. Income tax expense, $11,000, payable in 2021. Adjusted H \& H Tool, Inc. Income Statement For the Year Ended December 31, 2020 Operating revenues: Operating expenses: Total operating expenses 0 Other item: Net income $ 0 Earnings per share Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started