Popes Garage had the following accounts and amounts in its financial statements on December 31, 2013. Assume that all balance sheet items reflect account balances at December 31, 2013, and that all income statement items reflect activities that occurred during the year then ended.

Accounts receivable	$	31,400
Depreciation expense		10,500
Land		24,700
Cost of goods sold		89,500
Retained earnings		56,700
Cash		9,500
Equipment		70,000
Supplies		5,300
Accounts payable		21,600
Service revenue		28,600
Interest expense		1,400
Common stock		9,000
Income tax expense		14,498
Accumulated depreciation		41,000
Long-term debt		40,000
Supplies expense		13,300
Merchandise inventory		27,400
Sales revenue		152,000

a.	Calculate the total current assets at December 31, 2013.

b.

Calculate the total liabilities and stockholders equity at December 31, 2013.

c.

Calculate the earnings from operations (operating income) for the year ended December 31, 2013.

d.

Calculate the net income (or loss) for the year ended December 31, 2013.

e.	What was the average income tax rate for Popes Garage for 2013?

f.	If $20,000 of dividends had been declared and paid during the year, what was the January 1, 2013, balance of retained earnings?