Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) Rent expense Merchandise inventory Accounts receivable Depreciation expense Land Retained earnings Cash Cost of goods sold Equipment Income tax expense Accounts payable Net sales $ 5,400 17,200 4,800 53,000 11,700 124,000 41,500 2,400 37,000 152,500 28,000 238,000 28,000 57,000 31,000 400,000 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2022. b. Calculate the total assets at December 31, 2022. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2022. d. Calculate the net income (or loss) for the year ended December 31, 2022. e. What was the average income tax rate for Gary's TV for 2022? f. If $27,500 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?
Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) Rent expense Merchandise inventory Accounts receivable Depreciation expense Land Retained earnings Cash Cost of goods sold Equipment Income tax expense Accounts payable Net sales $ 5,400 17,200 4,800 53,000 11,700 124,000 41,500 2,400 37,000 152,500 28,000 238,000 28,000 57,000 31,000 400,000 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2022. b. Calculate the total assets at December 31, 2022. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2022. d. Calculate the net income (or loss) for the year ended December 31, 2022. e. What was the average income tax rate for Gary's TV for 2022? f. If $27,500 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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