use flash fill to fill range Required Information

$[$The following information applies to the questions displayed below.$]$

Brothers Harry and Herman Hausyerday began operations of thelr machine shop $(H$&$H$ Tool, Incorporated$)$ on January $1,$

The annual reporting perlod ends December $31.$ The trlal balance on January $1,2021,$ follows $($the amounts are

rounded to thousands of dollars to simplify$)$:

Transactions and events during $2021($summarlzed in thousands of dollars$)$ follow:

a$.$ Borrowed $$11$ cash on March $1$ using a short$-$term note.

b$.$ Purchased land on March $2$ for future bullding site; pald cash, $$8.$

c$.$ Issued additional shares of common stock on April $3$ for $$27.$

d$.$ Purchased software on July $4,$ $$11$ cash.

e$.$ Recelved supplies on account on October $5$ for future use, $$19.$

$f.$ Pald accounts payable on November $6,$$$12.$

g$.$ Signed a $$20$ service contract on November $7$ to start February $1,2022.$

h$.$ Recorded revenues of $$154$ on December $8,$ Including $$37$ on credit and $$117$ collected in cash.

I. Recognized salarles and wages expense on December $9,$$$82$ pald in cash.

J$.$ Collected accounts recelvable on December $10,$$$21.$

Data for adjusting journal entrles as of December $31$:

k$.$ Unrecorded amortization for the year on software, $$8.$

I. Supplies counted on December $31,2021,$ $$12.$

$m.$ Depreclation for the year on the equipment, $$5.$

n$.$ Interest of $$1$ to accrue on notes payable.

$0.$ Salarles and wages earned but not yet pald or recorded, $$11.$

p$.$ Income tax for the year was $$7.$ It will be pald in $2022.$

Step $1$: Prepare the closing journal entry. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.$)$ Journal entry workshet.

Step$2$: Prepare a post$-$closing trial balance. $($Enter your answers in thousands of dollars.$)$

Step $3$:

$9-$a$.$ How much net income did H & H Tool, Incorporated, generate during $2021?$ What was its net profit margin?

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

$9-$c$.$ What is its current ratio?