Business, 05.07.2020 14:01 starr3971

Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable $ 31,300Depreciation expense 10,200Land 24,600Cost of goods sold 87,000Retained earnings 58,700Cash 10,200Equipment 69,000Supplies 5,400Accounts payable 23,000Service revenue 22,500Interest expense 2,700Common stock 6,000Income tax expense 22,830Accumulated depreciation 40,000Long-term debt 38,000Supplies expense 12,500Merchandise inventory 25,200Net sales 166,000 Required:a. Calculate the total current assets at December 31, 2019.b. Calculate the total liabilities and stockholders’ equity at December 31, 2019.c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019.d. Calculate the net income (or loss) for the year ended December 31, 2019.e. What was the average income tax rate for Pope’s Garage for 2019?f. If $17,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings?

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Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 201...

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