Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019....
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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. Accounts receivable. Depreciation expense Land. C Cost of goods sold Cope Retained earnings. Cash Equipment Supplies 1000 Accounts payable Sorric Service revenue. Interes Interest expense. Common stock Income tax expense Accumulated depreciation Long-term debt. Supplies expense Merchandise inventory Net sales $ 30,100 11, 200 26,300 86,500 58,400 9,900 69,000 5,800 20,100 29,600 3,700 9,000 18,032 44,000 37.000 13,800 27,400 164,000 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 $19,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? 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. Accounts receivable. Depreciation expense Land. C Cost of goods sold Cope Retained earnings. Cash Equipment Supplies 1000 Accounts payable Sorric Service revenue. Interes Interest expense. Common stock Income tax expense Accumulated depreciation Long-term debt. Supplies expense Merchandise inventory Net sales $ 30,100 11, 200 26,300 86,500 58,400 9,900 69,000 5,800 20,100 29,600 3,700 9,000 18,032 44,000 37.000 13,800 27,400 164,000 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 $19,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings?
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Answer rating: 100% (QA)
We must identify the current asset accounts and add up their amounts in order to determine the total current assets as of December 31 2019 Assets that are anticipated to be turned into cash or used up ... View the full answer
Related Book For
Accounting What the Numbers Mean
ISBN: 978-1259535314
11th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
Posted Date:
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