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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
hello I need the answers to the blank ones

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
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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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