a. Calculate the total current assets at December 31, 2016.

b. Calculate the total liabilities and stockholders equity at December 31, 2016.

c. Calculate the earnings from operations (operating income) for the year ended December 31, 2016.

d. Calculate the net income (or loss) for the year ended December 31, 2016.

e. What was the average income tax rate for Popes Garage for 2016?

f. If $16,500 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?

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 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 Sales revenue $ 30,600 10,500 25,000 86,500 60,600 9,900 68,500 5,200 21,900 21,600 1,500 5,000 18,768 42,000 35,000 13,900 25,300 169,000