es Skiley Mint St. Cloud 3:12 abled: Exam 1 CH 01, 02, an... Saved Gary's TV had the following accounts and amounts in its financial statements on December 31, 2022. Assume that all balance sheet items reflect account balances at December 31, 2022, and that all income statement items reflect activities that occurred during the year then ended. Interest expense. Paid-in capital Accumulated depreciation Notes payable (long-term) Rent expense Merchandise inventory Accounts receivable $ 5,500 18,000 5,000 55,000 12,000 126,000 43,000 Depreciation expense 2,500 Land 39,000 Retained earnings 154,500 Cash 27,500 Cost of goods sold 240,000 Equipment 30,000 Income tax expense 60,000 Accounts payable 33,000 410,000 Net sales Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2 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 $27,000 of dividends had been declared and paid during the year, what was the January 1, 2 retained earnings? a. Difference b. Total assets c. Operating income DEB ES < Prev 18 of 19 M