Pope's Garage had the following accounts and amounts in its financial statements as of December 31, 2013. Assume that all balance sheet items reflect account balances as of December 31, 2013, and all income statement items reflect activities that occurred during the year ending on that date.

accounts receivable	ps	32,200
depreciation expense		11,100
Tierra		26,000
cost of goods sold		89,000
Retained earnings		63,100
Money		11,100
Equipment		70.500
supplies		5,100
Accounts payable		20,700
Service revenues		24,100
Interest expenses		2,300
Common actions		8,000
Income from tax expenses		19,320
Accumulated depreciation		42,000
long term debt		38,000
Supply expenses		12,700
Merchandise inventory		26,900
sales revenue		175.000

Required:

a.	Calculate total current assets as of December 31, 2013.

b.	Calculate the total liabilities and stockholders' equity as of December 31, 2013.

C.	Calculate operating income (operating income) for the year ended December 31, 2013.

d.	Calculate the net income (or loss) for the year ended December 31, 2013.

E.	What was the average income tax rate for Pope's Garage in 2013?

F.	If $19,000 of dividends were declared and paid during the year, what was the retained earnings balance as of January 1, 2013?

Answer rating: 100% (QA)

To solve these questions well calculate the values step by step a Total current assets as of December 31 2013 Current assets include accounts receivab... View the full answer