[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, 2013. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows (the amounts are rounded to thousands of dollars to simplify): |
Account Titles | Debit | Credit | ||||
Cash | $ | 2 | ||||
Accounts Receivable | 6 | |||||
Supplies | 13 | |||||
Land | 0 | |||||
Equipment | 67 | |||||
Accumulated Depreciation | $ | 5 | ||||
Software | 21 | |||||
Accumulated Amortization | 7 | |||||
Accounts Payable | 4 | |||||
Notes Payable (short-term) | 0 | |||||
Salaries and Wages Payable | 0 | |||||
Interest Payable | 0 | |||||
Income Tax Payable | 0 | |||||
Common Stock | 84 | |||||
Retained Earnings | 9 | |||||
Service Revenue | 0 | |||||
Salaries and Wages Expense | 0 | |||||
Depreciation Expense | 0 | |||||
Amortization Expense | 0 | |||||
Income Tax Expense | 0 | |||||
Interest Expense | 0 | |||||
Supplies Expense | 0 | |||||
Totals | $ | 109 | $ | 109 | ||
Transactions during 2015 (summarized in thousands of dollars) follow: | |
1. | Borrowed $11 cash on a six-month note payable dated March 1, 2015. |
2. | Purchased land for future building site; paid cash, $8. |
3. | Earned revenues for 2015, $174, including $47 on credit and $127 collected in cash. |
4. | Issued additional shares of stock for $4. |
5. | Recognized salaries and wages expense for 2015, $92 paid in cash. |
6. | Collected accounts receivable, $31. |
7. | Purchased software, $11 cash. |
8. | Paid accounts payable, $12. |
9. | Purchased supplies on account for future use, $19. |
10. | Signed a $20 service contract to start February 1, 2016. |
Data for adjusting journal entries: | |
11. | Unrecorded amortization for the year on software, $7. |
12. | Supplies counted on December 31, 2015, $12. |
13. | Depreciation for the year on the equipment, $5. |
14. | Accrued interest of $1 on notes payable. |
15. | Salaries and wages earned but not yet paid or recorded, $13. |
16. | Income tax for the year was $7. It will be paid in 2016. |
Prepare an income statement.
Prepare a statement of retained earnings. | |
Prepare balance sheet |
Solution to the Reuirements as follows:
[The following information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations...
[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, 2013. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows (the amounts are rounded to thousands of dollars to simplify: Credit Debit $ 3 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable...
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 12016. The annual reporting period ends December 31. The trial balance on January 12018, follows the amounts are rounded to thousands of dollars to simplify ): Debit Credit $ 2 6 13 64 $ 5 18 4 4 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts...
Required information [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 simplify): Account Titles Debit Credit Cash $ 2 Accounts Receivable 6 Supplies 13 Land 0 Equipment 57 Accumulated Depreciation $ 5 Software 18 Accumulated Amortization...
Required information [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 simplify): Account Titles Debit Credit Cash $ 4 Accounts Receivable 4 Supplies 11 Land 0 Equipment 59 Accumulated Depreciation $ 7 Software 14 Accumulated Amortization...
Required information [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 simplify): Account Titles Cash Debit Credit $ 4 Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and...
Required information 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 simplify): Debit Credit 54 11 Account Titles Cash Accounts Receivable Supplies Land Equipsent Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-ters) Salaries and...
Required information [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 simplify): Account Titles Debit Credit Cash $ 4 Accounts Receivable 4 Supplies 11 Land 0 Equipment 59 Accumulated Depreciation $ 7 Software 14 Accumulated Amortization...
Required information [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 simplify): Account Titles Debit Credit Cash $ 4 Accounts Receivable 4 Supplies 11 Land 0 Equipment 56 Accumulated Depreciation $ 7 Software 17 Accumulated Amortization...
Required information [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 simplify): Account Titles Debit Credit Cash $ 4 Accounts Receivable 4 Supplies 11 Land 0 Equipment 56 Accumulated Depreciation $ 7 Software 17 Accumulated Amortization...
Required information The following informetion 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 simplify: Debit Credit Account Titles $ 3 Cash Accounts Receivable Supplies Land 12 Equipmont Accumulated Depreciation Software 63 6 18 Accumulated Amortization Accounts Payable Notes...