Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2016....
Gary’s 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 $ 32,000 Paid-in capital 84,000 Accumulated depreciation 26,000 Notes payable (long-term) 285,000 Rent expense 70,000 Merchandise inventory 833,000 Accounts receivable 185,000 Depreciation expense 11,000 Land 120,000 Retained earnings 420,150 Cash 135,000 Cost of goods sold 1,750,000 Equipment 66,000 Income tax expense 227,150 Accounts payable 102,000 Sales revenue 2,512,000 Required: a. Calculate the difference between current assets and current liabilities for Gary’s 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 Gary’s TV for 2016? f. If $411,850 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?
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Gary’s TV had the following accounts and amounts in its
financial statements on December 31, 2016....
Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2016....
Gary’s 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...
Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2019....
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
$
4,500
Paid-in capital
10,000
Accumulated depreciation
3,000
Notes payable (long-term)
35,000
Rent expense
9,000
Merchandise inventory
106,000
Accounts receivable
28,000
Depreciation expense
1,500
Land
19,000
Retained earnings
122,000
Cash
20,000
Cost of goods...
Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2019....
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...
Gary's TV had the following accounts and amounts in its financial statements on December 31, 2016....
Gary's 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 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 Sales revenue $ 35,000 88,000...
a. Calculate the difference between current assets and current liabilities for Gary’s TV at December 31,...
a. Calculate
the difference between current assets and current liabilities for
Gary’s 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
Gary’s TV for 2016?
f. If $411,060 of dividends had been declared
and paid during the...
a. Calculate the difference between current assets and current liabilities for Gary’s TV at December 31,...
a. Calculate the difference between current
assets and current liabilities for Gary’s 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
Gary’s TV for 2016?
f. If $417,880 of dividends had been declared
and paid during the...
Gary's TV had the following accounts and amounts in its financial statements on December 31, 2019....
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 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 Equipement Income tax expense Accounts payable Net sales $ 5,700 19.600...
Gary's TV had the following accounts and amounts in its financial statements on December 31, 2019....
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 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 $ 4,500 10,000...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016....
Pope's Garage 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 Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Sales revenue $...
Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016....
Pope's Garage 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. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Sales revenue $ 30,100...
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
$
4,500
Paid-in capital
10,000
Accumulated depreciation
3,000
Notes payable (long-term)
35,000
Rent expense
9,000
Merchandise inventory
106,000
Accounts receivable
28,000
Depreciation expense
1,500
Land
19,000
Retained earnings
122,000
Cash
20,000
Cost of goods...
Gary's 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 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 Sales revenue $ 35,000 88,000...
a. Calculate
the difference between current assets and current liabilities for
Gary’s 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
Gary’s TV for 2016?
f. If $411,060 of dividends had been declared
and paid during the...
a. Calculate the difference between current
assets and current liabilities for Gary’s 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
Gary’s TV for 2016?
f. If $417,880 of dividends had been declared
and paid during the...
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 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 Equipement Income tax expense Accounts payable Net sales $ 5,700 19.600...
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 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 $ 4,500 10,000...
Pope's Garage 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 Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Sales revenue $...
Pope's Garage 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. Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Sales revenue $ 30,100...
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