Reference no: EM132837893
Gary's TV had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended.
Interest expense $5,400
Paid-in capital 17,200
Accumulated depreciation 4,800
Notes payable (long-term) 53,000
Rent expense 11,700
Merchandise inventory 124,000
Accounts receivable 41,500
Depreciation expense 2,400
Land 37,000
Retained earnings 152,500
Cash 28,000
Cost of goods sold 238,000
Equipment 28,000
Income tax expense 57,000
Accounts payable 31,000
Net sales 400,000
Required:
Problem 1: Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2019.
Problem 2: Calculate the total assets at December 31, 2019.
Problem 3: Calculate the earnings from operations (operating income) for the year ended December 31, 2019.
Problem 4: Calculate the net income (or loss) for the year ended December 31, 2019.
Problem 5: What was the average income tax rate for Gary's TV for 2019?
Problem 6: If $27,500 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings?
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