Practice Set Help Instructions and needed information. PLEASE complete the whole

Question

Practice Set Help
Instructions and needed information.
PLEASE complete the whole process that way I don't have to use another question. I would greatly appreciate it.
Also, PLEASE only use the account titles that I'm working with as you can see in the pictures. It's makes it even more confusing when someone answers back to me, but I have no clue what account titles they are using. My assignment is through Pearson.
I have answered some of these but I am unsure whether my answers are all right. Please complete the whole accounting cycle! Thankyou

Part 1. Record journal entries for transactions 1-10.

Part 2. Set up T accounts for the accounts on the trial balance. Enter beginning balances and post the transactions 1-10, adjusting entries 11-16, and closing entry.

Part 3. Post the journal entries from part 2 to T accounts and prepare an unadjusted trial balance.

Checked work for part 3 unadjusted trial balance.

Part 4. Now recording adjusting journal entries 11- 16.

Part 5. Post the adjusting entries from part 4 and prepare an adjusted trial balance.

Part 6. Prepare the income statement.

Part 6b. Prepare a statement of retained earnings.

Part 6c. Prepare a balance sheet.

Part 7. Prepare the closing journal entry.

Part 8. Post closing entry from part 7 and prepare a post closing trial balance.

Part 9. Questions.
a. How much net income did H&H Tools Inc generate during 2015? What was it's net profit margin?

9b. Is the company financed primarily by liabilities or stockholders equity?

9c. What is its current ratio?

1-9 (of 9) C4-2 From Recording Transactilons (Including Adjusting Journal Entries) to Preparing Flnancial Statements and Closing Jounal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 41, LO 4-2, LO 4-3, LO 44, LO 4-5, LO 4-6 I The following information applies to the questions displayed below Brothers Harry and Herman Hausyerday began operations of their machine shop (H& H Tdol, 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 simpility) Credit Supplies Software Notes Payable (short-term Salaries and Wages Payable Income Tax Payable Stock Salaries and Wages Expense o Amortization Expense $106 $106

Explanation / Answer

Cash Accounts Receivable Beg Bal 2 8 2 Beg Bal 6 1 11 95 5 3 50 34 6 3 130 11 7 4 4 12 8 6 34 End Bal 22 End Bal 55 Supplies Land Beg Bal 13 Beg Bal 0 9 19 20 12 2 8 End Bal 12 End Bal 8 Equipent Accumulated Dep-Equipment Beg Bal 70 Beg Bal 5 5 13 End Bal 70 End Bal 10 Software Accumulated Amortization Beg Bal 15 Beg Bal 5 7 11 5 11 End Bal 26 End Bal 10 Accounts Payable Notes Payable Beg Bal 4 Beg Bal 0 8 12 19 9 11 1 End Bal 11 End Bal 11 Salaries and wages payable Interestr Payable Beg Bal 0 Beg Bal 0 13 15 1 16 End Bal 13 End Bal 1 Income Tax Payable Common Stock Beg Bal 0 Beg Bal 83 7 16 4 4 End Bal 7 End Bal 87 Retained Earning Service Revenue Beg Bal 9 Beg Bal 0 Expense 146 180 Service Revenue 180 3 Retained Earning 180 End Bal 43 End Bal 0 Depreciation Expense Amortization Expense Beg Bal 0 Beg Bal 0 13 5 5 retained Earning 11 5 5 Retained Earning End Bal 0 End Bal 0 Income Tax Expense Interest Expense Beg Bal 0 Beg Bal 0 16 7 7 retained Earning 14 1 1 retained Earning End Bal 0 End Bal 0 Salaries and wages expense Supplies Expense Beg Bal 0 Beg Bal 0 5 95 108 retained Earning 12 20 20 retained Earning 15 13 End Bal End Bal Journal Entries: Event Account Debit Credit 1 Cash 11 Note Payable 11 2 Land 8 Cash 8 3 Cash 130 Accounts Receviable 50 Service Ravenue 180 4 Cash 4 Common Stock 4 5 Salaries and Wages Expense 95 Cash 95 6 Cash 34 Accounts Receivable 34 7 Software 11 Cash 11 8 Accounts Payable 12 Cash 12 9 Supplies 19 Accounts payable 19 10 No Entry 11 Amortization Expense 5 Accumulated Amortization 5 12 Supplies Expense (13+19-12) 20 Supplies 20 13 Depreciatio Expnese 5 Accumulated Depreciation 5 14 Interest Expense 1 Interest Payable 1 15 Salaries and wages Expense 13 Salaries and wages payable 13 16 Income tax expense 7 Income tax payable 7 Entry to close revenue and expense account Debit Credit Service Revenue 180 Amortization Expense 5 Depreciation Expense 5 Salaries and wages expense 108 Interest Expense 1 Supplies Expense 20 Income Tax Expense 7 Retained Earning 34 Unadjusted Trial Balance Debit Credit Cash 55 Accounts Receivable 22 Supplies 12 Land 8 Equipment 70 Accumulated Dep 10 Software 26 Accumulated Amortization 10 Accounts Payable 11 Note Payable 11 Salaries and wages payable 13 Interst Payable 1 Income Tax Payable 7 Common Stock 87 Retained Earning 9 Service Revenue 180 Salaries and wages expense 108 Supplies expense 20 Depreciation Expense (7+6) 10 Interest Expense 1 Income Tax Expense 7 339 339 Income Statement Service Revenue 180 Salaries and wages expense -108 Supplies expense -20 Depreciation Expense -10 Interest Expense -1 Income Tax Expense -7 Net Income 34 Profit Margin=34/180                                                 18.89 Balance Sheet Debit Credit Current Assets: Accumulated Dep 10 Cash 55 Accumulated Amortization 10 Accounts Receivable 22 Accounts Payable 11 Supplies 12 Note Payable 11 Total Current Assets: 89 Salaries and wages payable 13 Interst Payable 1 Land 8 Income Tax Payable 7 Equipment 70 Current Liabilities 63 Common Stock 87 Software 26 Retained Earning =34+9 43 193 193 9b Company is primarily financed by Equity as out of 193, equity is 130 9c Current Ratio=Current Asset/Current Liability 89/63                                                 1.41 times

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