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3 D oints eBook References 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 a b. 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 d 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. f. $ 6,000 22,000 6,000 65,000 13,500 136,000 50,500 e. What was the average income tax rate for Gary's TV for 2022? f. If $24,500 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings? Difference Total assets 3,000 49,000 164,500 Operating income 25,000 250,000 Average income tax rate Retained earnings 40,000 75,000 43,000 460,000 %

Gary's TV had the following accounts and amounts in its financial statements on December 31, 2022. Assume that all balance sheet. items reftect account balances at December 31,2022 , and that all income statement items reflect activities that accurred during the year then ended Required: a. Calculate the dfference between current assets and current liabilies for Garys TV at December 31, 2022. b. Caiculate the total assets at December 31,2022 c. Calculate the earnings from operations (operating incoeme) for the year ended December 31,2022. d. Calculate the net income (or lots) tor the year ended December 31, 2022 e. What was the everage income tak rate for Garys TV for 2022? t. If $24,500 of dividends hod been deciared and paid during the year, what was the Janusy 1, 2022, balance of retained earnings

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