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 | |
| Income tax expense | 20,625 | |
| Accumulated depreciation | 44,000 | |
| Long-term debt | 37,000 | |
| Supplies expense | 12,700 | |
| Merchandise inventory | 26,200 | |
| Sales revenue | 167,000 | |
| Required: |
| a. | Calculate the total current assets at December 31, 2013. |
| b. | Calculate the total liabilities and stockholders’ equity at December 31, 2013. |
| c. | Calculate the earnings from operations (operating income) for the year ended December 31, 2013. |
| d. | Calculate the net income (or loss) for the year ended December 31, 2013. |
| e. | What was the average income tax rate for Pope’s Garage for 2013? |
| f. |
If $18,500 of dividends had been declared and paid during the year, what was the January 1, 2013, balance of retained earnings? |
Homework Answers
(a) Calculate the total current assets at December 31, 2013.
Accounts receivable……………...$30200
Cash……………………………..11800
Supplies……………………...5400
Merchandise inventory………...26200
Total = $73600
(b) Calculate the total liabilities and stockholders’ equity at December 31, 2013.
Retained earnings………………….$61400
Accounts Payable……………...22500
Common stock………………..5000
Long-term debt…………….37000
Total = $125900
(c) Calculate the earnings from operations (operating income) for the year ended December 31, 2013.
Sales revenue……..$167000
Service revenue…………29700
Less:
Cost of goods sold………………88500
Depreciation expense………..10600
Supplies expense…………..12700
Operating Income = $84900
(d) Calculate the net income (or loss) for the year ended December 31, 2013.
Operating Income.............$84900
Less:
Interest expense……………..2400
Income tax expense…………..20625
Net Income (Loss) = $61875
(e) What was the average income tax rate for Pope’s Garage for 2013?
Income Tax/Income before Income Tax * 100
$20625/$82500 * 100 = 25%
(f) If $18,500 of dividends had been declared and paid during the year, what was the January 1, 2013, balance of retained earnings?
Retained Earning + Dividend
$61400 + $18500 = $79900
Add Answer to:
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, 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, 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...
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...
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, 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, 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 $...
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. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred
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.
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...
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, 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, 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 $...
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...
Most questions answered within 3 hours.
-
After watching the lectures I am still having a hard time
understanding these equations.
1. The...
asked 1 hour ago -
Testing:
H0:μ=56.9
H1:μ<56.9
Your sample consists of 23 subjects, with a mean of 56.3 and
standard...
asked 1 hour ago -
straight wire, labeled as Wire A, lies horizontally on a
tabletop and is oriented to run...
asked 1 hour ago -
For a Chi-Squared Goodness of Fit Test about a uniform
distribution, complete the table.
Round to...
asked 1 hour ago -
Milk of magnesia is only slightly soluble in water. Kc for the
reaction Mg(OHs)(s)>Mg2+(a) + 2OH-1(aq)...
asked 1 hour ago -
Excel's HYPGEOM.DIST function can be used to compute _____.
a. both hypergeometric probabilities and cumulative
hypergeometric...
asked 1 hour ago -
The rocket used for the human lunar missions was the Saturn V
rocket. At liftoff the...
asked 1 hour ago -
1. The East Street Bagel Shop has a weekly demand for 3,500
bagels, which they make...
asked 1 hour ago -
paraphrasing each paragraph
“Where two or more persons knowingly act together unlawfully,
the act of each...
asked 1 hour ago -
The lateral line system in fish is contained which of the
following?
chemoreceptors
photoreceptors
mechanoreceptors
odor...
asked 1 hour ago -
Find the y-intercept of y =-5 x. The y-intercept of y equals
negative 5 x is______...
asked 1 hour ago -
Customers arrive randomly at a gas station at the average rate
of 30 per hour, while...
asked 2 hours ago