User Account

All Pages

Calculate the total liabilities and stockholders equity

Assignment Help Accounting Basics
Reference no: EM131767798

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 $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 tax expense 36,000
Accumulated depreciation 135,000
Long-term debt 120,000
Supplies expense 42,000
Merchandise inventory 93,000
Sales revenue 420,000


Required:

a. Calculate the total current assets at December 31, 2016.

b. Calculate the total liabilities and stockholders' equity at December 31, 2016.

c. Calculate the earnings from operations (operating income) for the year ended December 31, 2016.

d. Calculate the net income (or loss) for the year ended December 31, 2016.

e. What was the average income tax rate for Pope's Garage for 2016?

f. If $48,000 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?
If I could get all these answers with some explanation, that would be great.

Reference no: EM131767798

Questions Cloud

Distributive technologies-technological innovation : Distributive technologies and Technological Innovation
Describe the consequences of not knowing : In three paragraphs, describe the consequences of not knowing most of the users of a B2C site.
What are likely reactions people have to each type of power : What are the likely reactions people have to each type of power? Give an example of each basis of power, using the power a professor might have over a student.
Costco sustainable and competitive advantage : What is Costco sustainable and Competitive Advantage?
Calculate the total liabilities and stockholders equity : Calculate the total current assets at December 31, 2016, Calculate the total liabilities and stockholders' equity
Company foreign subsidiaries : You are sending an employee to one of your company's foreign subsidiaries. How would you prepare them? Use a specfic country to help explain your answer.
We are a trading company based in usa : We are a trading company based in USA. How can I use FOB, (free on board to export) beers to Germany through the Sea?
Determine attitudes toward recycled products : Attitudes toward recycled products Some people believe recycled products are lower in quality than other products, a fact that makes recycling less practical.
Discuss the need to maintain the timeliness of the security : Discuss the need to maintain the timeliness of the security policy, and to periodically review and update it.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd