Popes 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 $ 32,600 Depreciation expense 10,500 Land 25,900 Cost of goods sold 87,000 Retained earnings 61,300 Cash 10,900 Equipment 70,500 Supplies 5,000 Accounts payable 22,400 Service revenue 22,100 Interest expense 2,200 Common stock 6,000 Income tax expense 14,234 Accumulated depreciation 42,000 Long-term debt 39,000 Supplies expense 12,700 Merchandise inventory 25,800 Sales revenue 155,000 b. Calculate the total liabilities and stockholders equity at December 31, 2016.

Popes 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	$	32,600
Depreciation expense		10,500
Land		25,900
Cost of goods sold		87,000
Retained earnings		61,300
Cash		10,900
Equipment		70,500
Supplies		5,000
Accounts payable		22,400
Service revenue		22,100
Interest expense		2,200
Common stock		6,000
Income tax expense		14,234
Accumulated depreciation		42,000
Long-term debt		39,000
Supplies expense		12,700
Merchandise inventory		25,800
Sales revenue		155,000
Calculate the earnings from operations (operating income) for the year ended December 31, 2016.