Popes Garage had the following accounts and amounts in its financial statements on December Assume that all balance sheet items reflect account balances at December and that all income statement items reflect activities that occurred during the year then ended.
Accounts receivable $
Depreciation expense
Land
Cost of goods sold
Retained earnings
Cash
Equipment
Supplies
Accounts payable
Service revenue
Interest expense
Common stock
Income tax expense
Accumulated depreciation
Longterm debt
Supplies expense
Merchandise inventory
Net sales
Required:
Calculate the total current assets at December
Calculate the total liabilities and stockholders equity at December
Calculate the earnings from operations operating income for the year ended December
Calculate the net income or loss for the year ended December
What was the average income tax rate for Popes Garage for
If $ of dividends had been declared and paid during the year, what was the January balance of retained earnings?
