Required information The following information applies to the questions displayed below.) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc) on January , 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify: Account Titles Debit Credit Cash 5.4 Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software 17 Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable 0 Interest Payable O Income Tax Payablo Cosmon Stock Retained Earnings Service Revenue Salaries and Wages Expanse 4 11 O 56 $7 6 7 U Debit Credit $.4 4 11 56 5.7 17 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-ters) Salaries and Wages Payable Interest Payable Income Tax Payable Coco Stock Retained Earnings Service Revenue Salaries and wages Expense Depreciation Expense Amortization Expense Inc Tax Expense Interest Expense Supplies Expense Totals 58 7 DOO S2 592 Transactions and events during 2018 (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. 57 c. Issued additional shares of common stock on April 3 for $28. d. Purchased software on July 4, $12 cash. e. Purchased supplies on account on October 5 for future use, $17 Paid accounts payable on November 6, 514 g. Signed a $30 service contract on November 7 to start February 1, 2019 h. Recorded revenues of $152 on December 8, including $36 on credit and 5116 collected in cash Recognized salaries and wages expense on December 9, 581 paid in cash, Collected accounts receivable on December 10, $20. Data for adjusting journal entries as of December 31: k Unrecorded amortization for the year on software, $4 1. Supplies counted on December 31, 2018, S11 m. Depreciation for the year on the equipment. 57 interest of $2 to accrue on notes payable. o Salaries and wages eamed but not yet paid or recorded, 513. Income tax for the year was $9. It will be paid in 2019, 9-a. How much net income did H & H Tool Inc generate during 20187 What was its net profit margin con financed two other en 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. c. Issued additional shares of common stock on April 3 for $28. 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, $14. g. Signed a $30 service contract on November 7 to start February 1, 2019. h. Recorded revenues of $152 on December 8, including $36 on credit and $116 collected in cash. 1. Recognized salaries and wages expense on December 9, $81 paid in cash. J. Collected accounts receivable on December 10, $20. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $4. 1. Supplies counted on December 31, 2018. $11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $9. It will be paid in 2019. 9-a. How much net income did H & H Tool, Inc., generate during 2018? 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? Reg 9A Req 98 Reg 9C How much net income did H & H Tool, Inc., generate during 2018? What was its net profit margin? (Enter "Net Income in thousands of dollars. Round "Net Profit Margin to 1 decimal place.) Net Income Net Profit Margin Req 9A Relige Req 90 Is the company financed primarily by liabilities or stockholders' equity? Stockholders' Equity Olabilities Current Ratio Numerator Denominator H&H TOOL, INC. Post-Closing Trial Balance Debit Credit (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 Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 0$