Popes 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.

Accounts receivable	$	31,900
Depreciation expense		11,300
Land		25,800
Cost of goods sold		85,500
Retained earnings		59,800
Cash		9,300
Equipment		71,000
Supplies		5,100
Accounts payable		22,800
Service revenue		25,900
Interest expense		3,400
Common stock		10,000
Income tax expense		22,438
Accumulated depreciation		40,000
Long-term debt		37,000
Supplies expense		13,400
Merchandise inventory		26,500
Net sales		174,000

Required:

1. Calculate the total current assets at December 31, 2019.
2. Calculate the total liabilities and stockholders equity at December 31, 2019.
3. Calculate the earnings from operations (operating income) for the year ended December 31, 2019.
4. Calculate the net income (or loss) for the year ended December 31, 2019.
5. What was the average income tax rate for Popes Garage for 2019?
6. If $16,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings?