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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
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: $ 31,500 11, 300 25, 700 89, 500 65, 300 10, 400 69,500 5, 400 21,700 26, 600 1, 600 6,000 16, 240 41,000 37,000 13, 200 28, 500 147,000 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 $19,500 of dividends had been declared and paid during the year, what was the January 1, 2022, 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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