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 Depreciation expense Land Retained earnings Cash Cost of goods sold Equipment Income tax expense Accounts payable Net sales $ 6,200 23,600 6,400 69,000 14,100 140,000 53,500 3,200 53,000 168,500 24,000 254,000 44,000 81,000 47,000 480,000 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 $23,500 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?

Gary's TV had the following accounts and amounts in its financial statements on December 31, 2022. Assume that all balance sheet items refiect account balances at December 31,2022 , and that all income statement items reflect activities that occurred during the year then ended. Required: a. Calculate the difference between current assets and current liabilities for Gary's TV ot 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 $23,500 of dividends had been declared and paid during the year, what was the January 1, 2022, batance of retained earnings