Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2013....
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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
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