Question

Account Titles Debit Credit Cash 2 Accounts Receivable 6 Supplies Land 13 0 Equipment Accumlated Depreciation 70 5 Software 15 Accumlated Anortization 5 Accounts Payable Notes Payable short-term) 0 Salaries and Wages Payable Interest Payable Income Tax Payable Comon Stpck 0 0 0 83 Retained Earnings Service Revenue 0 Salaries and Wages Expense Depreciation Expense Amortisation Expense Income Tax Eжрense Interest Expense Supplies Expense 0 0 0 0 0 0 $106 $106 Totals Transactlons and events during 2018 (summarlzed In thousands of dollars) follow a. Borrowed $11 cash on March 1 using a short-term note.. b. Purchased land on March 2 for future building site: pald cash, $8. c. Issued additional shares of common stock on April 3 for $24 d. Purchased software on July 4, $11 cash e. Purchased supplies on account on October 5 for future use, $19 f Pald accounts payable on November 6, $12. g. Signed a $20 service contract on November 7 to start February 1, 2019 h. Recorded revenues of $180 on December 8, Including $50 on credit and $130 collected In cash .Recognized salarles and wages expense on December 9, $95 pald in cash. J.Collected accounts recelvable on December 10, $34 Data for adjustling Journal entrles as of December 31: k. Unrecorded amortizatlon for the year on software, $5 Supplies counted on December 31, 2018, $12 m. Depreclation for the year on the equlpment, $5. n. Interest of $1 to accrue on notes payable. o. Salarles and wages earned but not yet pald or recorded, $13. p. Income tax for the year was $7. It will be pald In 2019.

Answer 1

X foc 9a A C D E F H 9а net income $ 34 18.9% net profit margin 9b total liabilities total stockholder's equity $ 43 $ 150 decision - the company is primarily financed by stockholder's equity reason - because the total stockholder's equity is more than total liabilities Land current ratio 2.53 H & H Tool, Inc. adjusted trial balance as at December 31, 2018 (in thousands) Account Titles Debit Credit Cash $ 75 Accounts Receivable $ 22 Supplies $ 12 $8 Equipment $ 70 Accumulated Depreciation Software $ 26 Accumulated Amortization S 10 Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock $ 107 Retained Earnings Service Revenue $ 180 Salaries and Wages Expense $ 108 Depreciation Expense $ 5 Amortization Expense S 5 Income Tax Expense $7 Interest Expense Si Supplies Expense $ 20 Totals $ 359 $ 359 $ 11 $ 9

for formulas and calculations, refer to the image below -

1 X Fax 9a 9a net income net profit margin =D22-SUM(C23:C28) =H2/D22 9b total liabilities SUM(D15:019) total stockholder's equity =D20+D21+H2 Credit decision - the company is primarily financed by stockholder's equity reason - because the total stockholder's equity is more than total liabilities current ratio =SUM(C7:09)/SUM(D15:D19) =5+5 H & H Tool, Inc. adjusted trial balance as at December 31, 2018 (in thousands) Account Titles Debit Cash =2+11-8+24-11-12+130-95+34 Accounts Receivable =6+50-34 Supplies =13+19-20 Land =0+8 Equipment =70 Accumulated Depreciation Software 1=15+11 Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense =0+95+13 Depreciation Expense =0+5 Amortization Expense =0+5 Income Tax Expense =0+7 Interest Expense =0+1 Supplies Expense =0+20 Totals =SUM(C7:C28) =5+5 =4+19-12 =0+11 =0+13 =0+1 =0+7 =83+24 =O+180 =SUM(07:028)

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