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.

$10$

points

$02$:$45$:$41$

eBook

References

$\backslash$table$[[$Interest expense,$],[$Paid$-$in capital,$5,400],[$Accumulated depreciation,$17,200],[$Notes payable $($long$-$term$),4,800],[$Rent expense,$53,000],[$Merchandise inventory,$11,700],[$Accounts receivable,$124,000],[$Depreciation expense,$41,500],[$Land$,2,400],[$Retained earnings,$37,000],[$Cash$,152,500],[$Cost of goods sold,$28,000],[$Equipment$,238,000],[$Income tax expense,$28,000],[$Accounts payable,$57,000],[$Net sales,$31,000],[,400,000]]$

Required:

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

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 $$27,500$ of dividends had been declared and paid during the year, what was the January $1,2022,$ balance of retained earnings?

$\backslash$table$[[$a$.,$Difference,,$],[$b$.,$Total assets,,$],[$c$.,$Operating income,,$],[$d$.,,,],[$e$.,$Average income tax rate,,$\%$