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ope’s Garage had the following accounts and amounts in its financial statements on December 31, 2022....

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Accounting

ope’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 $ 218,000 Depreciation expense 72,000 Land 152,000 Cost of goods sold 590,000 Retained earnings 370,000 Cash 54,000 Equipment 448,000 Supplies 36,000 Accounts payable 138,000 Service revenue 120,000 Interest expense 24,000 Common stock 70,000 Income tax expense 84,000 Accumulated depreciation 270,000 Long-term debt 240,000 Supplies expense 84,000 Merchandise inventory 180,000 Net sales 890,000
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?

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