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Supplies expense Merchandise inventory Net sales 35,000 13,300 27,600 172,000 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 $16,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? a. Total current assets $ 734,526 b. Total liabilities and stockholders' equity 2$ 734,526 Operating C. come d. e. Ayerage income tax rate f. Retained earnings

Supplies expense Merchandise inventory Net sales 35,000 13,300 27,600 172,000 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 $16,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? a. Total current assets $ 734,526 b. Total liabilities and stockholders' equity 2$ 734,526 Operating C. come d. e. Ayerage income tax rate f. Retained earnings

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, 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. $ 30,100 11,600 26,200 85,500 60,500 11,100 68,000 5,500 21,000 20,400 3,200 8,000 18,124 44,000 35,000 13,300 27,600 172,000 Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales 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 $16,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? $ 734,526 a. Total current assets $734,526 b. Total liabilities and stockholders' equity 2 of 4 Next > < Prev
Transcribed Image Text: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. $ 30,100 11,600 26,200 85,500 60,500 11,100 68,000 5,500 21,000 20,400 3,200 8,000 18,124 44,000 35,000 13,300 27,600 172,000 Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales 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 $16,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? $ 734,526 a. Total current assets $734,526 b. Total liabilities and stockholders' equity 2 of 4 Next > < Prev
Supplies expense Merchandise inventory Net sales 35,000 13,300 27,600 172,000 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 $16,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? a. Total current assets $ 734,526: b. Total liabilities and stockholders' equity 2$ $ 734,526 c. Operating income d. e. Ayerage income tax rate f. Retained earnings 2 of 4 Next > < Prev
Transcribed Image Text:Supplies expense Merchandise inventory Net sales 35,000 13,300 27,600 172,000 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 $16,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? a. Total current assets $ 734,526: b. Total liabilities and stockholders' equity 2$ $ 734,526 c. Operating income d. e. Ayerage income tax rate f. Retained earnings 2 of 4 Next > < Prev
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