Prepare the statement of retained earnings for the year ended December 31,2021 . You will need to degermine and enter the accounts and balances to prepare the Statement of Retained Earnings. Calculate the Net Income, Net Profit Margin and Current Ratio. Net income can be found on Income statement tab. (Hint : Select Adjusted on the dropdown.) 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): 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 buliding site; paid cash, $9. c. issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4,$10 cash. e. Purchased supplies on account on October 5 for future use, $18. f Paid accounts payable on November 6,$13. g. Signed a $25 service contract on November 7 to start February 1, 2022. Post-closing Post-closing Journal entry worksheet 1. .10 11 12 13 14 15 16 Record the necessary closing entry. Combine the closing of revenue and expenses into one entry. Note: Enter debits before credits. Prepare the statement of retained earnings for the year ended December 31,2021 . You will need to degermine and enter the accounts and balances to prepare the Statement of Retained Earnings. Calculate the Net Income, Net Profit Margin and Current Ratio. Net income can be found on Income statement tab. (Hint : Select Adjusted on the dropdown.) 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): 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 buliding site; paid cash, $9. c. issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4,$10 cash. e. Purchased supplies on account on October 5 for future use, $18. f Paid accounts payable on November 6,$13. g. Signed a $25 service contract on November 7 to start February 1, 2022. Post-closing Post-closing Journal entry worksheet 1. .10 11 12 13 14 15 16 Record the necessary closing entry. Combine the closing of revenue and expenses into one entry. Note: Enter debits before credits
