gary s tv had the following accounts and amounts in its financial statements on dece 4519595

Gary’s TV 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. Interest expense…………………………………… $ 9,000 Paid-in capital……………………………………… 20.000 Accumulated depreciation………………………… 6,000 Notes payable (long-term)…………………………. 70,000 Rent expense………………………………………. 18.000 Merchandise inventory…………………………….. 210.000 Accounts receivable………………………………… 42.000 Depreciation expense……………………………….. 3,000 Land………………………………………………… 32.000 Retained earnings…………………………………… 225.000 Caste………………………………………………… 36.000 Cost of goods sold…………………………………… 440,000 Equipment……………………………………………. 18.000 Income tax expense……………………………………. 60.000 Accounts payable……………………………………… 23.000 Sales revenue…………………………………………… 620.000 Required: a. Calculate the difference between current assets and current liabilities for Gar’s TV at December 31. 2016. b. Calculate the total assets at December 3 1. 2016. c. Calculate the earnings from operations (operating income) be 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 Gary’s TV for 2016? f. If $64.000 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?

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