Problem 2-17 (Algo) Understanding and analyzing financial statement relationships-sales/service organization LO 2, 3, 4 1.12 points Pope's 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. eBook Print References 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 $ 30,400 10,400 24,900 85,500 58,300 10,800 70,500 5,400 21,900 25,800 1,400 7,000 15,816 45,000 36,000 12,600 26,200 150,000 Required: a. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31, 2019. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019 d. Calculate the net income (or loss) for the year ended December 31, 2019 e. What was the average income tax rate for Pope's Garage for 2019? f. If $18,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales 7,000 15,816 45,000 36,000 12,600 26,200 150,000 Required: a. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31, 2019. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019. d. Calculate the net income (or loss) for the year ended December 31, 2019 e. What was the average income tax rate for Pope's Garage for 2019? f. If $18,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? $ 150,000 a. Total current assets b. Total liabilities and stockholders' equity c. Operating income % e. Average income tax rate f. Retained earnings