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ek 8.9 Financial Statement Analysis Evaluation of H&H Tools, Inc. financial performance. Debt to Asset Ratio Net Profit Margin Is the company's assets financed more by debts or equity? Is the company able to pay its short-term obligation? 12 A: Cash A: Notes Payable (short-term) 12 9 B: Land 9 B: Cash 23 C. Cash 23 C. Common Stock 10 D: Software 10 D: Cash 18 E: Supplies 18 E: Accounts Payable F. Accounts Payable 13 13 F. Cash G. No Entry 120 H. Cash H. Accounts Receivable 40 160 H. Service Revenue I. Salaries and Wages Expense 85 85 1. Cash 24 J. J. Accounts Receivable 24 M \& M Tool, Inc. 1+ f 14 Tooks. in Aalance sheet As of December 31, 2021 Assets Current Acewts 65 96 Total Current Assets 9 60 (12) Less Accumulated Depreciation 48 Equipment. Net 25 (10) Less: Accumulated Amortization 15 Software, Net 168 Total Assets Liabilities and Stockholders' Equity Current Liabilities: 10 Accounts Payable 12 Notes Payable (short-term) 12 Salaries and Wages Payable 1 Interest Payable 8 Income Tax Payable 43 Total Current Liabilities Stockholders' Equity: 94 Common Stock 31 Retained Earnings 125 Total Stockholders' Equity 168 Total Liabilities and Stockholders' Equity Closing Journal Entry Service Revenue 160 Salaries and Wages Expense 97 Depreciation Expense 6 Amortization Expense 5 Income Tax Expense 8 Interest Expense 1 Supplies Expense 20 Retained Earnings 23 H\& H Tool, Inc. Post-Closing Trial Balance H \& H Tools, Inc. Statement of Retained Earnings For the Year Ended, December 31, 2021 Retained Earnings, Beginning Balance 8 23 Add: Net Income Retained Earnings, Ending Balance 31 Brothers Harry and Herman Hausyerday began operations of their machine shop (H \& H Tool, Inc.) on January 1, 2020. The annual reporting period ends December 31 . The trial balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): Istments, Finnncinl Statements, and Financial Results 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 $23. d. Purchased software on July 4,$10 cash. 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 $160 on December 8 , including $40 on credit and $120 in cash. i. Recognized salaries and wages expense on December 9,$85 paid in cash. j. Collected accounts receivable on December 10,$24. Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $5. l. 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