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 $ 31,300Depreciation expense 10,200Land 24,600Cost of goods sold 87,000Retained earnings 58,700Cash 10,200Equipment 69,000Supplies 5,400Accounts payable 23,000Service revenue 22,500Interest expense 2,700Common stock 6,000Income tax expense 22,830Accumulated depreciation 40,000Long-term debt 38,000Supplies expense 12,500Merchandise inventory 25,200Net sales 166,000 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 $17,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings?
Answers: 1
Business, 22.06.2019 14:20, nataliaalejandradasi
Jaynet spends $50,000 per year on painting supplies and storage space. she recently received two job offers from a famous marketing firm – one offer was for $95,000 per year, and the other was for $120,000. however, she turned both jobs down to continue a painting career. if jaynet sells 35 paintings per year at a price of $6,000 each: a. what are her accounting profits? b. what are her economic profits?
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Business, 22.06.2019 23:50, kaylinreed7
Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours. required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)
Answers: 2
Business, 23.06.2019 05:30, 24nelsoaddh
What are some examples of types of investments on the part of manufactures that result in growth? how does this improve a nation's standard of living?
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Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 201...
Mathematics, 10.09.2020 01:01
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