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[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 $ 3 Accounts Receivable 5 Supplies 12 Land 0 Equipment 60 Accumulated Depreciation $ 6 Software 15 Accumulated Amortization 5 Accounts Payable 5 Notes Payable (short-term) 0 Salaries and Wages Payable 0 Interest Payable 0 Income Tax Payable 0 Common Stock 71 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 $ 95 $ 95
Transactions during 2015 (summarized in thousands of dollars) follow: 1. Borrowed $12 cash on a six-month note payable dated March 1, 2015. 2. Purchased land for future building site; paid cash, $9. 3. Earned revenues for 2015, $160, including $40 on credit and $120 collected in cash. 4. Issued additional shares of stock for $3. 5. Recognized salaries and wages expense for 2015, $85 paid in cash. 6. Collected accounts receivable, $24. 7. Purchased software, $10 cash. 8. Paid accounts payable, $13. 9. Purchased supplies on account for future use, $18. 10. Signed a $25 service contract to start February 1, 2016. Data for adjusting journal entries: 11. Unrecorded amortization for the year on software, $5. 12. Supplies counted on December 31, 2015, $10. 13. Depreciation for the year on the equipment, $6. 14. Accrued interest of $1 on notes payable. 15. Salaries and wages earned but not yet paid or recorded, $12. 16. Income tax for the year was $8. It will be paid in 2016.
I need help with preparing an income statement, retained earnings statement, the balance sheet, and the post-closing trial balance. I also need help checking my answers for my adjusted trial balance with the adjusted entries included.
thank you
[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 | $ | 3 | ||||
Accounts Receivable | 5 | |||||
Supplies | 12 | |||||
Land | 0 | |||||
Equipment | 60 | |||||
Accumulated Depreciation | $ | 6 | ||||
Software | 15 | |||||
Accumulated Amortization | 5 | |||||
Accounts Payable | 5 | |||||
Notes Payable (short-term) | 0 | |||||
Salaries and Wages Payable | 0 | |||||
Interest Payable | 0 | |||||
Income Tax Payable | 0 | |||||
Common Stock | 71 | |||||
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 | $ | 95 | $ | 95 | ||
Transactions during 2015 (summarized in thousands of dollars) follow: | |
1. | Borrowed $12 cash on a six-month note payable dated March 1, 2015. |
2. | Purchased land for future building site; paid cash, $9. |
3. | Earned revenues for 2015, $160, including $40 on credit and $120 collected in cash. |
4. | Issued additional shares of stock for $3. |
5. | Recognized salaries and wages expense for 2015, $85 paid in cash. |
6. | Collected accounts receivable, $24. |
7. | Purchased software, $10 cash. |
8. | Paid accounts payable, $13. |
9. | Purchased supplies on account for future use, $18. |
10. | Signed a $25 service contract to start February 1, 2016. |
Data for adjusting journal entries: | |
11. | Unrecorded amortization for the year on software, $5. |
12. | Supplies counted on December 31, 2015, $10. |
13. | Depreciation for the year on the equipment, $6. |
14. | Accrued interest of $1 on notes payable. |
15. | Salaries and wages earned but not yet paid or recorded, $12. |
16. | Income tax for the year was $8. It will be paid in 2016. |
I need help with preparing an income statement, retained earnings statement, the balance sheet, and the post-closing trial balance. I also need help checking my answers for my adjusted trial balance with the adjusted entries included.
thank you
Irving HeathcoteLv2
28 Sep 2019