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 $ $4,900$

Paid$-$in capital $13,200$

Accumulated depreciation $3,800$

Notes payable $($long$-$term$)43,000$

Rent expense $10,200$

Merchandise inventory $114,000$

Accounts receivable $34,000$

Depreciation expense $1,900$

Land $27,000$

Retained earnings $142,500$

Cash $30,500$

Cost of goods sold $228,000$

Equipment $18,000$

Income tax expense $42,000$

Accounts payable $21,000$

Net sales $350,000$

Required:

Calculate the difference between current assets and current liabilities for Gary$$s TV at December $31,2022.$

Calculate the total assets at December $31,2022.$

Calculate the earnings from operations $($operating income$)$ for the year ended December $31,2022.$

Calculate the net income $($or loss$)$ for the year ended December $31,2022.$

What was the average income tax rate for Gary$$s TV for $2022?$

If $$30,000$ of dividends had been declared and paid during the year, what was the January $1,2022,$ balance of retained earnings?