the current ratio for 2020?
total asset turnover ratio for 2020?
net margin ratio for 2020?
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. Trial Balance on January 1, 2020 Debit Credit Cash 5,000 Accounts receivable 4,000 Supplies 27,000 Land Equipment 94,800 Accumulated depreciation (on equipment) 13,000 Other noncurrent assets (not detailed to simplify) 8,eee Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (8,600 shares, $.50 par value) 4.ee Additional paid-in capital 96,000 Retained earnings 25, eee Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 138,000 138, eee Transactions during 2020 follow a. Borrowed $24,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020 b. Purchased land for a future building site; paid cash. $19,000. c. Earned $308,000 in revenues for 2020, including $65,000 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 $105,000 in wages expense and $41,000 in miscellaneous expenses for 2020, with $36,000 on credit and the rest paid in cash 1 Collected accounts receivable $40 000 Transactions during 2020 follow: a. Borrowed $24,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020, b. Purchased land for a future building site; paid cash, $19,000. c. Earned $308,000 in revenues for 2020, including $65,000 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 $105,000 in wages expense and $41,000 in miscellaneous expenses for 2020, with $36,000 on credit and the rest paid in cash f. Collected accounts receivable, $40,000. g. Purchased other assets, $14,000 cash. h. Purchased supplies on account for future use, $39,000 1. Paid accounts payable, $38,000. J. Signed a three-year $45,000 service contract to start February 1, 2021 k. Declared cash dividends on December 1, $20,000, which were paid by December 31. Data for adjusting entries: 1. Supplies counted on December 31, 2020, $30,000. 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, $17,000. 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 places.) 7-c. Compute the net profit margin ratio for 2020. (Enter your answer as a percentage rounded to 1 decimal place (ie. 0.123 should be entered as 12.3).) Ratio Current ratio Total asset turnover Net profit margin b c %
