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Required information 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: H & H Tool, Inc. Leial Balance on January 1, 2020 Credit Debit 8,000 7,000 16,000 83,000 13,000 12,000 Cash Accounts receivable Supplies Land Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to simplify) Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (12,000 shares, $.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 6,000 85,000 22,000 126.000 126,000 Next > %252Flms.mheducation.com%252Fm Homework Saved Help Save & Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 126,000 126,000 Transactions during 2020 follow: a. Borrowed $20,000 cash on a 5-year, 6 percent note payable, dated March 1, 2020. b. Purchased land for a future building site; paid cash, $16,000. c. Earned $255,000 in revenues for 2020, including $54,000 on credit and the rest in cash. d. Sold 6,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $95,000 in wages expense and $30,000 in miscellaneous expenses for 2020, with $25,000 on credit and the rest paid in cash. f. Collected accounts receivable, $39,000. g. Purchased other assets, $16,000 cash. h. Purchased supplies on account for future use, $28,000. 1. Paid accounts payable, $27,000. J. Signed a three-year $34,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1, $26,000, which were paid by December 31 Data for adjusting entries: 1. Supplies counted on December 31, 2020, $19.000. m. Depreciation for the year on the equipment, $15,000. n. Interest accrued on notes payable (to be computed), o. Wages earned by employees since the December 24 payroll but not yet paid, $18,000. p. Income tax expense, $14,000 payable in 2021. income statement (including earnings per share), statement of stockholders' equity, and balance sheet. (For the CUUiLV Required information 1 H&H TOOL, INC. Income Statement For the Year Ended December 31, 2020 Operating revenues: Service revenue $ 255,000 of 7 Operating expenses: Wages expense Depreciation expense Supplies expense Miscellaneous expenset 113,000 15,000 19,000 30,000 Total operating expenses Operating income Other item: 177,000 78,000 Interest expense 6,000 Pretax income 72,000 14,000 Income tax expense $ 58,000 Net Income Earnings per share pilluunted on December 31, 2020, $19,000. m. Depreciation for the year on the equipment, $15,000. n. Interest accrued on notes payable (to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, p. Income tax expense, $14,000, payable in 2021. 7-a. Compute the current ratio for 2020. (Round your answer to 2 decimal places.) 7-b. Compute the total asset turnover ratio for 2020. (Round your answer to 2 decimal 7-c. Compute the net profit margin ratio for 2020. (Enter your answer as a percentage be entered as 12.3).) a. Ratio Current ratio Total asset turnover Net profit margin b. % C. S Next 7 of 7 ng 7 of 7