Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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 building site: paid cash. $9. c. Issued additional shares of common stock on April 3 for $26. d. Purchased software on July 4,$10cash. 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. h. Recorded revenues of $156 on December 8 , including $38 on credit and $118 collected in cash. 1. Recognized salaries and wages expense on December 9,$83 paid in cash. 1. Collected accounts receivable on December 10, $22 Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $7. 1. Supplies counted on December 31. 2021. \$10. m. Depreciation for the year on the equipment, $6. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022 . Required: 9-a. How much net income did H&H Tool. Incorporated, generate during 2021 ? 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? Complete this question by entering your answers in the tabs below. How much net income did H&H Tool, Incorporated, generate during 2021? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Coffee Plus Math Equal To Audit

Authors: Marina Peters

1st Edition

B08BDSDFR6, 979-8654153418

More Books

Students also viewed these Accounting questions

Question

Group Size and Communication

Answered: 1 week ago

Question

Understanding Group Roles

Answered: 1 week ago