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0 Required information C4-2 From Recording Transactions (including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4.4. LO 4-5, LO 4-6) [The following information applies to the questions displayed below) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31 The trial balance on January 1 2018 follows the amounts are rounded to thousands of dollars to simplity) Account Titles Debit Card Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Salaries and was Payable Tittable Incota Payable common stock 4 11 65 21 5 6 B 30 7 Accumulated Amortization Accounts Payable Notes Payable (short-tern) Salaries and Wages Payable Interest Payable Incone Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals $105 $105 Transactions and events during 2018 (summarized in thousands of dollars) follow, a. Borrowed $13 cash on March 1 using a short-term note. D. Purchased land on March 2 for future building site; paid cash $7 w c. Issued additional shares of common stock on April 3 for $28 d. Purchased software on July 4, $12 cash e Purchased supplies on account on October 5 for future use, $17 Paid accounts payable on November 6, 514 9. Signed a $30 service contract on November 7 to start February 1, 2019 n Recorded revenues of $170 on December 8, including $45 on credit and $125 collected in cash I Recognized salaries and wages expense on December 9 $90 paid in cash Collected accounts receivable on December 10 $29 ratu accounts payable on November 314 9. Signed a $30 service contract on November 7 to start February 1, 2019 h. Recorded revenues of $170 on December 8, including $45 on credit and $125 collected in cash. Recognized salaries and wages expense on December 9, $90 paid in cash Collected accounts receivable on December 10, $29. Data for adjusting journal entries as of December 31 k Unrecorded amortization for the year on software, $5. 1. Supplies counted on December 31, 2018. $11. m. Depreciation for the year on the equipment. $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $11. p. Income tax for the year was $9. It will be paid in 2019, C4-2 Part 7 7. Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet A Record entry to close revenue and expense accounts to retained earnings Notenter debits before credits Transaction 1 Debit Credit General Journal Service Revenue Retained Earnings 170 170 Required information Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit C4-2 Part 8 3. Post the closing entry from requirement and prepare a post-closing trial balance (Enter your answers in thousands of dollars.) H&H TOOLING Pont Closing Dal Balance Doo in thousands Account Title Cash Accounts Receivable Supplies | Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Required information Accumulated Amortization -4 Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 0 $ 0 of 9 C4-2 Part 9 9-0. How much net income did H & H Tool, Inc. generate during 2018? 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. Reg 9A Reg 98 Reg 9C "ences How much net income did H & H Tool, Inc, generate during 2018? What was its net profit margin? (Enter Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.) Net Income Net Profit Nargin Req 98 > C4-2 Part 9 19 9-a. How much net income did H & H Tool, Inc., generate during 2018? 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? 28.08 Complete this question by entering your answers in the tabs below. OR Reg 9A Reg 9B Req 9C Is the company financed primarily by liabilities or stockholders' equity? Stockholders' Equity Liabilities 9 C4-2 Part 9 9-a. How much net income did H & H Tool, Inc., generate during 2018? 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? 800 Complete this question by entering your answers in the tabs below. Reg 9A Reg 9B Reg 90 ***** What is its current ratio? (Enter your answers in thousands of dollars. Current Ratio Numerator Denominator C4-2 Part 9 19 9-a. How much net income did H & H Tool, Inc., generate during 2018? 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? 28.08 Complete this question by entering your answers in the tabs below. OR Reg 9A Reg 9B Req 9C Is the company financed primarily by liabilities or stockholders' equity? Stockholders' Equity Liabilities 9 C4-2 Part 9 9-a. How much net income did H & H Tool, Inc., generate during 2018? 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? 800 Complete this question by entering your answers in the tabs below. Reg 9A Reg 9B Reg 90 ***** What is its current ratio? (Enter your answers in thousands of dollars. Current Ratio Numerator Denominator

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