Understanding and analyzing financial statem merchandising organization Gary's TV had the following accounts and amounte in its financial statements on December 31, 2013. Assume that all balance sheet item reflect account balances at December 31, 2013, and that all income statement iteme reflect activities that occurred during the year then ended. 18,000 40,000 12,000 140,000 36,000 420,000 96,000 6,000 64,000 450,000 72,000 880,000 36,000 120,000 46,000 1,240,000 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. Sales revenue. Required: vary's C.... d. Calculate the net income (or loss) for the year ended December 31, 2013. e. What was the average income tax rate for Gary's TV for 2013? f. If $128,000 of dividends had been declared and paid during the year, what was the January 1, 2013, balance of retained earnings? %24

Understanding and analyzing financial statem merchandising organization Gary's TV had the following accounts and amounte in its financial statements on December 31, 2013. Assume that all balance sheet item reflect account balances at December 31, 2013, and that all income statement iteme reflect activities that occurred during the year then ended. 18,000 40,000 12,000 140,000 36,000 420,000 96,000 6,000 64,000 450,000 72,000 880,000 36,000 120,000 46,000 1,240,000 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. Sales revenue. Required: vary's C.... d. Calculate the net income (or loss) for the year ended December 31, 2013. e. What was the average income tax rate for Gary's TV for 2013? f. If $128,000 of dividends had been declared and paid during the year, what was the January 1, 2013, balance of retained earnings? %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject :- Accounting