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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
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 | asset |
Depreciation Expense | 11,200 | expense |
Land | 26,000 | asset |
Cost of goods sold | 87,500 | expense |
Retained earnings | 65,200 | equity |
Common Stock | 7,000 | equity |
Income tax expense | 14,544 | expense |
Cash | 11,000 | asset |
Equipment | 71,000 | asset |
Supplies | 5,000 | asset |
Accounts payable | 20,600 | liability |
Service Revenue | 22,200 | revenue |
Interest Expense | 1,200 | expense |
Accumulated depreciation | 41,000 | asset |
Long-term debt | 38,000 | liability |
Supplies Expense | 13,700 | expense |
Merchandise Inventory | 26,600 | asset |
Sales Revenue | 152,000 | revenue |
a. Calculate the total assets at December 31, 2016 | ||
Total Assets | ||
b. Calculate the total liabilities at December 31, 2016. | ||
Total liabilities | ||
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. | ||
Net Income |
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