Good afternoon, I am trying to find the total current assets, total liability an

Question

Good afternoon, I am trying to find the total current assets, total liability and stockholder equity, operating income, net income (or loss) and income tax rate from the below financial statement below. Please assist.

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. $ 32,900 10,500 26,300 89,500 62,900 11,400 70,000 5,500 20,600 22,700 1,900 5,000 15,428 44,000 39,000 12,700 25,400 147,000 Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment 2 Accounts payable Service revenue Income tax expense Accumulated depreciation Supplies expense Merchandise inventory Sales revenue

Explanation / Answer

Total current assets = Accounts recivable + cash + supplies + merchandise inventory

=32900 + 11400 + 5500 + 25400

= $75200

total liability and stockholder equity = total liability + equity

=59600 +  67900

=$127500

Note:- Total liability = current liability + long term liability

=accounts payable + 39000

= 20600 + 39000

=59600

Equity = common stock + retained earning

=5000 + 62900

= 67900

Income statement for the year ended 31st December,2013

sales revenue 147000

Add: service revenue 22700

less:cost of goods sold (89500)

less: supplies expense (12700)

less:depreciaton expense (10500)

less: interest expense (1900)

operating profit $ 55100

less: income tax rate @ 28% [15428/55100]    15428   

Net income $39672

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