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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.

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.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 2PB: The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal...
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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.

 

  1. Calculate the difference between current assets and current liabilities for Gary’s TV at December 31, 2022.
  2. Calculate the total assets at December 31, 2022.
  3. Calculate the earnings from operations (operating income) for the year ended December 31, 2022.
  4. Calculate the net income (or loss) for the year ended December 31, 2022.
  5. What was the average income tax rate for Gary’s TV for 2022?
  6. If $26,000 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 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 $ 5,700 19,600 5,400 59,000 12,600 130,000 46,000 2,780 43,000 158,500 26,500 244,000 34,000 66,000 37,000 430,000 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? 1. If $26,000 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?
Transcribed Image Text: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 $ 5,700 19,600 5,400 59,000 12,600 130,000 46,000 2,780 43,000 158,500 26,500 244,000 34,000 66,000 37,000 430,000 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? 1. If $26,000 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?
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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 $26,000 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 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 $ 5,700 19,600 5,400 59,000 12,600 130,000 46,000 2,780 43,000 158,500 26,500 244,000 34,000 66,000 37,000 430,000 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? 1. If $26,000 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?
Transcribed Image Text: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 $ 5,700 19,600 5,400 59,000 12,600 130,000 46,000 2,780 43,000 158,500 26,500 244,000 34,000 66,000 37,000 430,000 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? 1. If $26,000 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?
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