Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: Cash Accounts receivable Supplies Land Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to simplify) Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense H & H Tool, Inc. Trial Balance on January 1, 2020 Miscellaneous expenses (not detailed to simplify) Totals. and the rest paid in cash. f. Collected accounts receivable, $34,000. g. Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. Requirement General Journal General Ledger Debit 6,000 5,000 13,000 Trial Balance 78,000 Income Statement 7,000 Transactions during 2020 follow: a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020. b. Purchased land for a future building site; paid cash, $13,000. c. Earned $215,000 in revenues for 2020, including $52,000 on credit and the rest in cash. d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $89,000 in wages expense and $25,000 in miscellaneous expenses for 2020, with $20,000 on credit 109,000 i. Paid accounts payable, $26,000. j. Signed a three-year $33,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1, $25,000, which were paid by December 31. [Hint: Prepare two entries.] Data for adjusting entries: 1. Supplies counted on December 31, 2020, $18,000. m. Depreciation for the year on the equipment, $10,000. n. Interest accrued on notes payable (to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, $16,000. p. Income tax expense, $11,000, payable in 2021. Credit 8,000 Statement of SE 4,000 80,000 17,000 109,000 Balance Sheet Analysis
Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: Cash Accounts receivable Supplies Land Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to simplify) Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense H & H Tool, Inc. Trial Balance on January 1, 2020 Miscellaneous expenses (not detailed to simplify) Totals. and the rest paid in cash. f. Collected accounts receivable, $34,000. g. Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. Requirement General Journal General Ledger Debit 6,000 5,000 13,000 Trial Balance 78,000 Income Statement 7,000 Transactions during 2020 follow: a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020. b. Purchased land for a future building site; paid cash, $13,000. c. Earned $215,000 in revenues for 2020, including $52,000 on credit and the rest in cash. d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $89,000 in wages expense and $25,000 in miscellaneous expenses for 2020, with $20,000 on credit 109,000 i. Paid accounts payable, $26,000. j. Signed a three-year $33,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1, $25,000, which were paid by December 31. [Hint: Prepare two entries.] Data for adjusting entries: 1. Supplies counted on December 31, 2020, $18,000. m. Depreciation for the year on the equipment, $10,000. n. Interest accrued on notes payable (to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, $16,000. p. Income tax expense, $11,000, payable in 2021. Credit 8,000 Statement of SE 4,000 80,000 17,000 109,000 Balance Sheet Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...
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Question
Complete all of the following listed in the picture.
Such as:
General Journal
General Ledaer
Trial Balance
Income
Statement
Statement of SE
Balance Sheet
Analysis
Following an accountant format.
Including:
Compute the total asset turnover ratio for 2020....
Compute the net profit margin ratio for 2020...
![Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019.
The annual reporting period ends December 31. The trial balance on January 1, 2020, follows:
Cash
Accounts receivable
Supplies
Land
Equipment
Accumulated depreciation (on equipment)
Other noncurrent assets (not detailed to simplify)
Accounts payable
Wages payable
Interest payable
Dividends payable
Income taxes payable
Long-term notes payable
Common stock (8,000 shares, $0.50 par value)
Additional paid-in capital
Retained earnings
Service revenue
Depreciation expense
Supplies expense
Wages expense
Interest expense
Income tax expense
H & H Tool, Inc.
Trial Balance on January 1, 2020
Miscellaneous expenses (not detailed to simplify)
Totals
g. Purchased other assets, $15,000 cash.
h. Purchased supplies on account for future use, $27,000.
i. Paid accounts payable, $26,000.
Requirement
General
Journal
General
Ledger
Debit
Trial Balance
6,000
5,000
13,000
Income
Statement
78,000
7,000
Transactions during 2020 follow:
a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020.
b. Purchased land for a future building site; paid cash, $13,000.
c. Earned $215,000 in revenues for 2020, including $52,000 on credit and the rest in cash.
d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020.
e. Incurred $89,000 in wages expense and $25,000 in miscellaneous expenses for 2020, with $20,000 on credit
and the rest paid in cash.
f. Collected accounts receivable, $34,000.
109,000
j. Signed a three-year $33,000 service contract to start February 1, 2021.
k. Declared cash dividends on December 1, $25,000, which were paid by December 31. [Hint: Prepare two entries.]
Data for adjusting entries:
1. Supplies counted on December 31, 2020, $18,000.
n. Depreciation for the year on the equipment, $10,000.
n. Interest accrued on notes payable (to be computed).
o. Wages earned by employees since the December 24 payroll but not yet paid, $16,000.
p. Income tax expense, $11,000, payable in 2021.
Credit
8,000
Statement of
SE
4,000
80,000
17,000
109,000
Balance Sheet
Analysis](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2cc252ba-0a9a-47d1-a55e-68b3c3895ea6%2F2486ffd7-7a06-42bd-abc5-045fa4b32b9b%2F9ikvcil_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019.
The annual reporting period ends December 31. The trial balance on January 1, 2020, follows:
Cash
Accounts receivable
Supplies
Land
Equipment
Accumulated depreciation (on equipment)
Other noncurrent assets (not detailed to simplify)
Accounts payable
Wages payable
Interest payable
Dividends payable
Income taxes payable
Long-term notes payable
Common stock (8,000 shares, $0.50 par value)
Additional paid-in capital
Retained earnings
Service revenue
Depreciation expense
Supplies expense
Wages expense
Interest expense
Income tax expense
H & H Tool, Inc.
Trial Balance on January 1, 2020
Miscellaneous expenses (not detailed to simplify)
Totals
g. Purchased other assets, $15,000 cash.
h. Purchased supplies on account for future use, $27,000.
i. Paid accounts payable, $26,000.
Requirement
General
Journal
General
Ledger
Debit
Trial Balance
6,000
5,000
13,000
Income
Statement
78,000
7,000
Transactions during 2020 follow:
a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020.
b. Purchased land for a future building site; paid cash, $13,000.
c. Earned $215,000 in revenues for 2020, including $52,000 on credit and the rest in cash.
d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020.
e. Incurred $89,000 in wages expense and $25,000 in miscellaneous expenses for 2020, with $20,000 on credit
and the rest paid in cash.
f. Collected accounts receivable, $34,000.
109,000
j. Signed a three-year $33,000 service contract to start February 1, 2021.
k. Declared cash dividends on December 1, $25,000, which were paid by December 31. [Hint: Prepare two entries.]
Data for adjusting entries:
1. Supplies counted on December 31, 2020, $18,000.
n. Depreciation for the year on the equipment, $10,000.
n. Interest accrued on notes payable (to be computed).
o. Wages earned by employees since the December 24 payroll but not yet paid, $16,000.
p. Income tax expense, $11,000, payable in 2021.
Credit
8,000
Statement of
SE
4,000
80,000
17,000
109,000
Balance Sheet
Analysis
Transcribed Image Text:Requirement
General
Journal
General
Ledger
Trial Balance
Income
Statement.
Statement of
SE
Balance Sheet
Analysis
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