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Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable 32,200 Depreciation Expense 11,200 26,000 87.500 Land Cost of goods sold asset expense asset expense

Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable 32,200 Depreciation Expense 11,200 26,000 87.500 Land Cost of goods sold asset expense asset expense

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable 32,200 Depreciation Expense 11,200 26,000 87,500 65,200 7,000 14,544 11,000 71,000 5,000 20,600 22,200 1,200 Accumulated depreciation 41,000 Long-term debt 38,000 Supplies Expense 13,700 Merchandise Inventory 26,600 152,000 Land Cost of goods sold Retained earnings Common Stock Income tax expense Cash Equipment Supplies Accounts payable Service Revenue Interest Expense Sales Revenue a. Calculate the total assets at December 31, 2016 Total Assets Total liabilities asset expense asset expense equity equity expense asset asset asset liability Net Income revenue expense asset liability expense asset b. Calculate the total liabilities at December 31, 2016. revenue c. Calculate the stockholders' equity at December 31, 2016. Total stockholders' equity d. Calculate the net income (or loss) for the year ended December 31, 2016. ☐ 1
Transcribed Image Text:Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable 32,200 Depreciation Expense 11,200 26,000 87,500 65,200 7,000 14,544 11,000 71,000 5,000 20,600 22,200 1,200 Accumulated depreciation 41,000 Long-term debt 38,000 Supplies Expense 13,700 Merchandise Inventory 26,600 152,000 Land Cost of goods sold Retained earnings Common Stock Income tax expense Cash Equipment Supplies Accounts payable Service Revenue Interest Expense Sales Revenue a. Calculate the total assets at December 31, 2016 Total Assets Total liabilities asset expense asset expense equity equity expense asset asset asset liability Net Income revenue expense asset liability expense asset b. Calculate the total liabilities at December 31, 2016. revenue c. Calculate the stockholders' equity at December 31, 2016. Total stockholders' equity d. Calculate the net income (or loss) for the year ended December 31, 2016. ☐ 1
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