Homework Answers
Answer to Part
a.
Current Assets = Cash + Accounts Receivable + Supplies +
Merchandise Inventory
Current Assets, December 31, 2019 = $10,300 + $32,900 + $5,700 +
$25,600
Current Assets, December 31, 2019 = $74,500
Answer to Part
b.
Total Liabilities = Accounts Payable + Long Term Debt
Total Liabilities, December 31, 2019 = $21,800 + $39,000
Total Liabilities, December 31, 2019 = $60,800
Total Stockholders’ Equity = Common Stock + Retained
Earnings
Total Stockholders’ Equity, December 31, 2019 = $5,000 +
$61,600
Total Stockholders’ Equity, December 31, 2019 = $66,600
Total Liabilities and Stockholders’ Equity, December 31, 2019 =
$60,800 + $66,600
Total Liabilities and Stockholders’ Equity, December 31,
2019 = $127,400
Answer to Part c.
Operating Income for the year ended December 31, 2019 = $109,700
Answer to Part d.
Net Income for the year ended December 31, 2019 = $56,011
Answer to Part e.
Average Income Tax Rate = Income Tax Expense/ Income before
Taxes * 100
Average Income Tax Rate = $14,889 / $70,900 * 100
Average Income Tax Rate = 21%
Answer to Part f.
Ending Retained Earnings = Beginning Retained Earnings + Net
Income – Dividend
$61,600 = Retained Earnings, January 1, 2019 + $56,011 -
$18,500
Retained Earnings, January 1, 2019 = $24,089
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Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, 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 Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, 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 Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, 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 Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, 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 Long-term debt Supplies expense Merchandise inventory Sales revenue $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016....
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, 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 expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Sales revenue $ 30,100...
Check my work Pope's Garage had the following accounts and amounts in its financial statements on...
Check my work Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, 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 Long-term debt Supplies expense Merchandise inventory...
Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2019....
Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable $ 99,000 Depreciation expense 36,000 Land 81,000 Cost of goods sold 270,000 Retained earnings 177,000 Cash 27,000 Equipment 213,000 Supplies 18,000 Accounts payable 69,000 Service revenue 60,000 Interest expense 12,000 Common stock 30,000 Income...
Understanding and analyzing financial statement relationships-sales/ service organization Pope's Garage had the following accounts and amounts...
Understanding and analyzing financial statement relationships-sales/ service organization Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016, Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Pro LO ie Accounts receivable $ 99,000 36,000 Depreciation expense Land. 81,000 270,000 177,000 27,000 213,000 18,000 69,000 60,000 12,000 30,000 36,000 Cost of goods sold Retained earnings...
Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2016....
Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable $ 32,500 Depreciation expense 11,000 Land 24,600 Cost of goods sold 87,500 Retained earnings 56,400 Cash 9,700 Equipment 68,500 Supplies 5,400 Accounts payable 22,800 Service revenue 26,500 Interest expense 3,900 Common stock 9,000 Income...
Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2013....
Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2013. Assume that all balance sheet items reflect account balances at December 31, 2013, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable $ 30,200 Depreciation expense 10,600 Land 26,300 Cost of goods sold 88,500 Retained earnings 61,400 Cash 11,800 Equipment 70,000 Supplies 5,400 Accounts payable 22,500 Service revenue 29,700 Interest expense 2,400 Common stock 5,000...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, 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 Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, 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 Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, 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 Long-term debt Supplies expense Merchandise inventory Net sales $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, 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 Long-term debt Supplies expense Merchandise inventory Sales revenue $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, 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 expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Sales revenue $ 30,100...
Check my work Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, 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 Long-term debt Supplies expense Merchandise inventory...
Understanding and analyzing financial statement relationships-sales/ service organization Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016, Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Pro LO ie Accounts receivable $ 99,000 36,000 Depreciation expense Land. 81,000 270,000 177,000 27,000 213,000 18,000 69,000 60,000 12,000 30,000 36,000 Cost of goods sold Retained earnings...
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