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Can you please explain how to tackle c, d, e and f in this problem? Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) Rent
Can you please explain how to tackle c, d, e and f in this problem? 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 $ 5,600 28,800 5,200 57.000 12,300 128,000 44,500 2,600 41,000 156,500 27,000 242,000 32,000 63,000 35,000 420,000 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2019. b. Calculate the total assets at December 31, 2019. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019. d. Calculate the net income (or loss) for the year ended December 31, 2019. e. What was the average income tax rate for Gary's TV for 2019? f. If $26,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? Answer is not complete a b. $ 164,500 $ 267,300 $ 14,9003 Difference Total assets Operating income Not incomo Average Income tax rate Retained earnings d 0 % $ 183,000 3
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