Hw.228. Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume thatall balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflectactivities that occurred during the year then ended.Accounts receivable32,200Depreciation Expense11,20026,00087,50065,2007,00014,54411,00071,0005,00020,60022,2001,200Accumulated depreciation 41,000Long-term debt38,000Supplies Expense13,700Merchandise Inventory26,600152,000LandCost of goods soldRetained earningsCommon StockIncome tax expenseCashEquipmentSuppliesAccounts payableService RevenueInterest ExpenseSales Revenuea. Calculate the total assets at December 31, 2016Total AssetsTotal liabilitiesassetexpenseassetexpenseequityequityexpenseassetassetassetliabilityNet Incomerevenueexpenseassetliabilityexpenseassetb. Calculate the total liabilities at December 31, 2016.revenuec. Calculate the stockholders' equity at December 31, 2016.Total stockholders' equityd. Calculate the net income (or loss) for the year ended December 31, 2016.☐1

Lets understand the basics. Financial statement is divided into two parts which are, (1) Income…

Answered: Pope's Garage had the following…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 3P

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The current ratio for the following is ..... Group of answer choices .43 .23 .73 .53
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…
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