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	$	31,300
Depreciation expense		10,800
Land		25,200
Cost of goods sold		85,000
Retained earnings		68,200
Cash		11,600
Equipment		70,500
Supplies		5,900
Accounts payable		22,300
Service revenue		27,600
Interest expense		1,500
Common stock		5,000
Income tax expense		19,080
Accumulated depreciation		43,000
Long-term debt		36,000
Supplies expense		13,700
Merchandise inventory		30,000
Sales revenue		147,000

Required:

a. Calculate the total current assets at December 31, 2016.

b. Calculate the total liabilities and stockholders equity at December 31, 2016.

c. Calculate the earnings from operations (operating income) for the year ended December 31, 2016.

d. Calculate the net income (or loss) for the year ended December 31, 2016.

e. What was the average income tax rate for Popes Garage for 2016?

f. If $19,500 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?