Supplies expense Merchandise inventory Net sales 35,000 13,300 27,600 172,000 Required: a. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31, 2019. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019. d. Calculate the net income (or loss) for the year ended December 31, 2019. e. 'What was the average income tax rate for Pope's Garage for 2019? f. If $16,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? a. Total current assets $ 734,526 b. Total liabilities and stockholders' equity 2$ 734,526 Operating C. come d. e. Ayerage income tax rate f. Retained earnings

Supplies expense Merchandise inventory Net sales 35,000 13,300 27,600 172,000 Required: a. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31, 2019. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019. d. Calculate the net income (or loss) for the year ended December 31, 2019. e. 'What was the average income tax rate for Pope's Garage for 2019? f. If $16,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? a. Total current assets $ 734,526 b. Total liabilities and stockholders' equity 2$ 734,526 Operating C. come d. e. Ayerage income tax rate f. Retained earnings

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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