Problem $2-19($Algo$)$ Understanding and analyzing financial statement relationships$-$sales$/$service organization LO $2-2,2-3,2-4$

Pope$$s Garage had the following accounts and amounts in its financial statements on December $31,2022.$ Assume that all balance sheet items reflect account balances at December $31,2022,$ and that all income statement items reflect activities that occurred during the year then ended.

Accounts receivable $ $30,400$

Depreciation expense $10,200$

Land $25,900$

Cost of goods sold $89,500$

Retained earnings $59,800$

Cash $11,200$

Equipment $68,000$

Supplies $5,600$

Accounts payable $22,300$

Service revenue $27,400$

Interest expense $1,500$

Common stock $9,000$

Income tax expense $14,232$

Accumulated depreciation $43,000$

Long$-$term debt $35,000$

Supplies expense $12,900$

Merchandise inventory $28,000$

Net sales $146,000$

Required:

Calculate the total current assets at December $31,2022.$

Calculate the total liabilities and stockholders$$ equity at December $31,2022.$

Calculate the earnings from operations $($operating income$)$ for the year ended December $31,2022.$

Calculate the net income $($or loss$)$ for the year ended December $31,2022.$

What was the average income tax rate for Pope$$s Garage for $2022?$

If $$18,500$ of dividends had been declared and paid during the year, what was the January $1,2022,$ balance of retained earnings?

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