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Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2022. 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, 2022. Assume that all balance sheet items reflect account balances at December 31, 2022, 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 Net sales Required: $31,900 11,100 26,600 85,500 58,600 9,000 68,500 5,300 20,100 26,500 3,800 9,000 22,475 42,000 40,000 13,600 28,400 165,000 a. Calculate the total current assets at December 31, 2022 b. Calculate the total liabilities and stockholders' equity at December 31, 2022 c. Calculate the earnings from operations (operating income) for the year ended December 31, 2022 d. Calculate the net income (or loss) for the year ended December 31, 2022 e. What was the average income tax rate for Pope's Garage for 2022? f. If $16,000 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained eamings? a. Total current assets b. Total liabilities and Stockholders' equity i c Operating income d Average income tax rate Retained earnings
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