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I need step by step instructions for the problem e) what is the average income tax rate?
** I know you have to divide total tax expense by the net income before taxes.
So,
For E) the income tax expense is $13,134
Net Income before tax??
Average Tax rate: ??

Revenue : (sales) $144000
(service) $28700

All the taxes :
depreciation tax $10400
Interest expense $2400
Income Tax expense. $13,134
Supplies expense. $12,700

F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?

Retained Earnings Dec 31st : $59000
Dividens declared: ???
Retained Earnings January 1st: ???

Please solve and explain thoroughly.

d. Calculate the net income (or loss) for the year ended December 31. 2016
et income
$ 46,566
e. What was the average income tax rate for Pope's Garage for 20162
Average income tax rate
f. If s18 500 of dividends had been declared and paid during the year, what was th
January 1. 2016, balance of retained earnings?
THEI
fained earnings
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Transcribed Image Text:d. Calculate the net income (or loss) for the year ended December 31. 2016 et income $ 46,566 e. What was the average income tax rate for Pope's Garage for 20162 Average income tax rate f. If s18 500 of dividends had been declared and paid during the year, what was th January 1. 2016, balance of retained earnings? THEI fained earnings
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