Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. popes garage had the following accounts and amount

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

60.1K

Verified Solution

Question

Accounting

Popes 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 $ 32,300
Depreciation expense 11,700
Land 26,500
Cost of goods sold 87,000
Retained earnings 67,400
Cash 9,500
Equipment 68,500
Supplies 5,300
Accounts payable 22,000
Service revenue 23,800
Interest expense 2,800
Common stock 7,000
Income tax expense 17,612
Accumulated depreciation 41,000
Long-term debt 35,000
Supplies expense 13,400
Merchandise inventory 30,300
Net sales 154,000
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 Popes Garage for 2022?
If $16,500 of dividends had been declared and paid during the year, what was the January 1,2022, balance of retained earnings?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students