Business, 16.06.2021 19:30, princess42044
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 $32,000
Paid-in capital 82,000
Accumulated depreciation 25,000
Notes payable (long-term) 282,000
Rent expense 67,000
Merchandise inventory 840,000
Accounts receivable 188,000
Depreciation expense 10,000
Land 125,000
Retained earnings 462,000
Cash 143,000
Cost of goods sold 1,751,000
Equipment 66,000
Income tax expense 223,300
Accounts payable 96,000
Sales revenue 2,498,000
Required:
a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2019.
b. Calculate the total assets at December 31, 2019.
c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019.
Answers: 2
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Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2019....
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