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Understanding and analyzing financial statement relationships-sales/ service organization Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016, Assume

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Understanding and analyzing financial statement relationships-sales/ service organization Pope's 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. Pro LO ie Accounts receivable $ 99,000 36,000 Depreciation expense Land. 81,000 270,000 177,000 27,000 213,000 18,000 69,000 60,000 12,000 30,000 36,000 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 135,000 120,000 42,000 93,000 420.000 Sales revenue 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. What was the average income tax rate for Pope's Garage for 2016? f. If $48,000 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings? e

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