COMPREHENSIVE PROBLEMS (CHAPTERS 1-4) LO4-1, 4-2, 4-3, 4- COMP4-1 Recording Transactions (including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows: Debit 6,000 5,000 13,000 78,000 8,000 7,000 Account Titles Cash Accounts receivable Supplies Land Equipment Accumulated depreciation (on equipment) Other assets (not detailed to simplify) | Accounts payable Wages payable Interest payable | Income taxes payable Long-tem 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 Remaining expenses (not detailed to simplify) Totals 4.000 80,000 17,000 109,000 109,000