Garys TV had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended.

Interest expense	$	30,000
Paid-in capital		89,000
Accumulated depreciation		29,000
Notes payable (long-term)		283,000
Rent expense		70,000
Merchandise inventory		839,000
Accounts receivable		192,000
Depreciation expense		10,000
Land		124,000
Retained earnings		490,000
Cash		137,000
Cost of goods sold		1,755,000
Equipment		62,000
Income tax expense		246,000
Accounts payable		94,000
Sales revenue		2,480,000

Required:

a. Calculate the difference between current assets and current liabilities for Garys TV at December 31, 2016.

b. Calculate the total assets at December 31, 2016.

c. Calculate the earnings from operations (operating income) for the year ended December 31, 2016."

d. Calculate the net income (or loss) for the year ended December 31, 2016.

e. What was the average income tax rate for Garys TV for 2016?

f. If $360,000 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?