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answer the following questions Pope's Garage had the following accounts and amounts in its nancial statements on December 31, 2019. Assume that all balance sheet

answer the following questions

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Pope's Garage had the following accounts and amounts in its nancial 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. Accounts receivable $ 31,800 Depreciation expense 10,500 Land 25,200 Cost of goods sold 86,500 Retained earnings 60,400 Cash 10,300 Equipment 69,000 Supplies 6,000 Accounts payable 22,000 Service revenue 26,900 Interest expense 1,400 Common stock 9,000 Income tax expense 17,125 Accumulated depreciation 42,000 Longterm debt 38,000 Supplies expense 13,000 Merchandise inventory 29,100 Net sales 153,000 I Requhed: 3. 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 $18,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? a. Total current assets b. Total liabilities and stockholders' equity C. Operating income d. e. Average income tax rate % f. Retained earnings

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