Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis Brothers...
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Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc.)on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2017, follows DebitCredit 6,000 5,000 13,000 Account Titles Cash Accounts receivable Supplies Land Equipment Accumulated depreciation (on equipment) Other assets (not detailed to simplify) Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value) Additional paid-in capital Retained earnings Servicerevenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Remaining expenses (not detailed to simplify) Totals 78,000 8,000 7,000 4,000 80,000 17,000 109,000 109,000
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