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	$	30,200
Depreciation expense		10,900
Land		26,900
Cost of goods sold		86,500
Retained earnings		59,800
Cash		9,800
Equipment		70,500
Supplies		5,900
Accounts payable		22,300
Service revenue		25,200
Interest expense		2,800
Common stock		10,000
Income tax expense		15,356
Accumulated depreciation		40,000
Long-term debt		39,000
Supplies expense		13,200
Merchandise inventory		27,800
Net sales		158,000

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?

a.	Total current assets
b.	Total liabilities and stockholders equity
c.	Operating income
d.
e.	Average income tax rate		%
f.	Retained earnings