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 | $ | 3 | |||||
Accounts Receivable | 5 | ||||||
Supplies | 12 | ||||||
Land | 0 | ||||||
Equipment | 58 | ||||||
Accumulated Depreciation | $ | 6 | |||||
Software | 16 | ||||||
Accumulated Amortization | 7 | ||||||
Accounts Payable | 5 | ||||||
Notes Payable (short-term) | 0 | ||||||
Salaries and Wages Payable | 0 | ||||||
Interest Payable | 0 | ||||||
Income Tax Payable | 0 | ||||||
Common Stock | 68 | ||||||
Retained Earnings | 8 | ||||||
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 | $ | 94 | $ | 94 | |||
Transactions and events during 2018 (summarized in thousands of dollars) follow:
Data for adjusting journal entries as of December 31:
REQUIREMENTS:
1. General Journal tab - Prepare the journal entries to record the transactions (a) through (j). Review the accounts as shown in the General Ledger and Trial Balance tabs. Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31.
2. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger.
3. Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down.
4. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection.
5. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the year ended December 31, 2018.
6. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.
7. Analysis tab - Calculate the Net Profit Margin and Current Ratio.
Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.)...
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 $ 3 Accounts Receivable 5 Supplies 12 Land 0 Equipment 58 Accumulated Depreciation $ 6 Software 16 Accumulated Amortization 7 Accounts Payable 5 Notes Payable (short-term) 0 Salaries and Wages...
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 $ 3 Accounts Receivable 5 Supplies 12 Land 0 Equipment 52 Accumulated Depreciation $ 6 Software 22 Accumulated Amortization 8 Accounts Payable 5 Notes Payable (short-term) 0 Salaries and Wages...
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 $ 2 6 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short- term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock...
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 54 Accumulated Depreciation $ 5 Software 21 Accumulated Amortization 6 Accounts Payable 4 Notes Payable (short-term) 0 Salaries and Wages...
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 $ 3 Accounts Receivable 5 Supplies 12 Land 0 Equipment 69 Accumulated Depreciation $ 6 Software 24 Accumulated Amortization 4 Accounts Payable 5 Notes Payable (short-term) 0 Salaries and Wages...
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 $ 3 Accounts Receivable 5 Supplies 12 Land 0 Equipment 58 Accumulated Depreciation $ 6 Software 16 Accumulated Amortization 7 Accounts Payable 5 Notes Payable (short-term) 0 Salaries and Wages...
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): Transactions and events during 2018 (summarized in thousands of dollars) follow: Borrowed $12 cash on March 1 using a short-term note. Purchased land on March 2 for future building site; paid cash, $9. Issued additional...
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 $ 3 $ Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained...
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 $ Cash 2 Accounts Receivable 6 Supplies 13 Land 0 Equipment Accumulated Depreciation Software Accumulated Amortization 70 $ 5 15 5 Accounts Payable Notes Payable (short- term) Salaries and Wages Payable...
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): Transactions and events during 2018 (summarized in thousands of dollars) follow: Borrowed $12 cash on March 1 using a short-term note. Purchased land on March 2 for future building site; paid cash, $9. Issued additional...