UN en Esp. un professor.com Student Printing R V4 TAP Forbes Help Save & Ext 15 Check 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: 3 its Credit Print ferences 14,000 * * tool, Tne. Trial Balance on January 1, 2020 Aecount Titles Debit Cash 9,000 Accounts receivable 8.000 Supplies 17,000 Land Equipment 84,000 Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to simplify) 6.000 Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (6,000 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 124.000 3.900 86,000 21,000 124,000 Transactions during 2020 follow: a. Borrowed $12,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020. b. Purchased land for a future building site on March 15, 2020. paid cash, $17.000, c. Earned $263,000 in revenue. Transactions dated August 30, 2020, including $55,000 on credit and the rest in cash. CAR AO itinnal charae of sanitar farrah 1 marta nar charen lanean non Saved Hels 15 Totals 124,000 124,000 rint rences Transactions during 2020 follow: a. Borrowed $12,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020. b. Purchased land for a future building site on March 15, 2020; paid cash, $17,000. c. Earned $263,000 in revenue. Transactions dated August 30, 2020, including $55,000 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 $95,000 in wages expense and $31,000 in miscellaneous expenses for 2020, with $26,000 on credit and the rest paid in cash. f. Collected accounts receivables on November 10, 2020, $40,000 g. Purchased other assets on November 15, 2020, $17,000 cash. h. Purchased supplies on account for future use on December 1, 2020, $29,000. 1. Pald accounts payable on December 15, 2020, $26,000. J. Signed a three-year $35,000 service contract on December 17, 2020 to start February 1, 2021. k. Declared cash dividends on December 20, 2020, $27,000, which were paid by December 31. Data for adjusting entries: 1. Supplies counted on December 31, 2020, $20,000. m. Depreciation for the year on the equipment, $16,000. n. Interest accrued on notes payable to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid $19,000. p. Income tax expense, $15,000, payable in 2021. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Stmt of Cash Flows Analysis Prepare journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet Sav Help Save Chech m. Depreciation for the year on the equipment, $16,000. n. Interest accrued on notes payable (to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, $19,000. p. Income tax expense, $15,000, payable in 2021. General Requirement General Income Statement Trial Balance Balance Journal Stmt of Ledger Statement of SE Sheet Cash Flows Analysis General Journal tab - (Step 1) Prepare the journal entries to record the first 12 transactions (transactions (a) through (k)). Review the accounts as shown in the General Ledger and Trial Balance tabs. (Step 2) Prepare the necessary adjusting entries (13) through (16) (transactions () through (P)) to correctly report net income for the period. (Step 3) After preparing the financial statements, record the closing entry (17). Notice the effect on the trial balance, Income statement, and balance sheet tabs once the closing entry is posted. General Ledger tab - Each journal entry is posted automatically to the General Ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop- down. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - Use the drop-downs to select the accounts that should be property included on the Income Statement. Compute arnings per sh The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Statement of Stockholders' Equity tab - Use the drop-downs to select the accounts that should be properly included on the Statement of Stockholders' Equity and enter the appropriate amounts. Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Statement of Cash Flows tab - For each transaction, identify the appropriate cash flow classification (if any) and the transaction's impact on cash. Analysis tab - Calculate the current ratio, total asset turnover ratio, and net profit margin ratio for 2020. General Journal > View transaction list Journal entry worksheet 12 13 14 15 16 17 18 es Paid cash dividends by December 31. Note: Enter debits before credits General Journal Debit Credit Transaction December 31, 2020 Record entry Clear entry View general Journal View transaction list Journal entry worksheet ... 12 13 14 15 16 17 18 Declared cash dividends on December 20, 2020, $27,000, which were paid by December 31. Note: Enter debits before credits Debit Credit Transaction December 01, 2020 General Journal Retained earnings Cash 27,000 27,000 Record entry Clear entry View general Journal Saved Hels 15 Totals 124,000 124,000 rint rences Transactions during 2020 follow: a. Borrowed $12,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020. b. Purchased land for a future building site on March 15, 2020; paid cash, $17,000. c. Earned $263,000 in revenue. Transactions dated August 30, 2020, including $55,000 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 $95,000 in wages expense and $31,000 in miscellaneous expenses for 2020, with $26,000 on credit and the rest paid in cash. f. Collected accounts receivables on November 10, 2020, $40,000 g. Purchased other assets on November 15, 2020, $17,000 cash. h. Purchased supplies on account for future use on December 1, 2020, $29,000. 1. Pald accounts payable on December 15, 2020, $26,000. J. Signed a three-year $35,000 service contract on December 17, 2020 to start February 1, 2021. k. Declared cash dividends on December 20, 2020, $27,000, which were paid by December 31. Data for adjusting entries: 1. Supplies counted on December 31, 2020, $20,000. m. Depreciation for the year on the equipment, $16,000. n. Interest accrued on notes payable to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid $19,000. p. Income tax expense, $15,000, payable in 2021. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Stmt of Cash Flows Analysis Prepare journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet Sav Help Save Chech m. Depreciation for the year on the equipment, $16,000. n. Interest accrued on notes payable (to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, $19,000. p. Income tax expense, $15,000, payable in 2021. General Requirement General Income Statement Trial Balance Balance Journal Stmt of Ledger Statement of SE Sheet Cash Flows Analysis General Journal tab - (Step 1) Prepare the journal entries to record the first 12 transactions (transactions (a) through (k)). Review the accounts as shown in the General Ledger and Trial Balance tabs. (Step 2) Prepare the necessary adjusting entries (13) through (16) (transactions () through (P)) to correctly report net income for the period. (Step 3) After preparing the financial statements, record the closing entry (17). Notice the effect on the trial balance, Income statement, and balance sheet tabs once the closing entry is posted. General Ledger tab - Each journal entry is posted automatically to the General Ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop- down. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - Use the drop-downs to select the accounts that should be property included on the Income Statement. Compute arnings per sh The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Statement of Stockholders' Equity tab - Use the drop-downs to select the accounts that should be properly included on the Statement of Stockholders' Equity and enter the appropriate amounts. Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Statement of Cash Flows tab - For each transaction, identify the appropriate cash flow classification (if any) and the transaction's impact on cash. Analysis tab - Calculate the current ratio, total asset turnover ratio, and net profit margin ratio for 2020. General Journal > View transaction list Journal entry worksheet 12 13 14 15 16 17 18 es Paid cash dividends by December 31. Note: Enter debits before credits General Journal Debit Credit Transaction December 31, 2020 Record entry Clear entry View general Journal View transaction list Journal entry worksheet ... 12 13 14 15 16 17 18 Declared cash dividends on December 20, 2020, $27,000, which were paid by December 31. Note: Enter debits before credits Debit Credit Transaction December 01, 2020 General Journal Retained earnings Cash 27,000 27,000 Record entry Clear entry View general Journal