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  • Gary S TV Had The Following Accounts and Amounts in Its Financial

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    M Bilal Saleem
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    Gary's TV had various financial account balances as of December 31, 2010 according to its financial statements. Accounts included cash, accounts receivable, inventory, land, equipment, accounts payable, notes payable, retained earnings, and various expense and revenue accounts from the income statement. The document provides the amounts for each account and asks questions about calculating financial metrics such as current assets and liabilities, total assets, earnings from operations, net income, average income tax rate, and the effect of dividends declared.

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    Gary s Tv Had the Following Accounts and Amounts in Its Financial

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    Gary's TV had various financial account balances as of December 31, 2010 according to its financial statements. Accounts included cash, accounts receivable, inventory, land, equipment, accounts payable, notes payable, retained earnings, and various expense and revenue accounts from the income statement. The document provides the amounts for each account and asks questions about calculating financial metrics such as current assets and liabilities, total assets, earnings from operations, net income, average income tax rate, and the effect of dividends declared.

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    © All Rights Reserved
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    51 views1 page

    Gary S TV Had The Following Accounts and Amounts in Its Financial

    Uploaded by

    M Bilal Saleem
    Gary's TV had various financial account balances as of December 31, 2010 according to its financial statements. Accounts included cash, accounts receivable, inventory, land, equipment, accounts payable, notes payable, retained earnings, and various expense and revenue accounts from the income statement. The document provides the amounts for each account and asks questions about calculating financial metrics such as current assets and liabilities, total assets, earnings from operations, net income, average income tax rate, and the effect of dividends declared.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Gary s TV had the following accounts and amounts in its

    financial
    Gary’s TV had the following accounts and amounts in its financial statements on December 31,
    2010. Assume that all balance sheet items reflect account balances at December 31, 2010 and
    that all income statement items reflect activities that occurred during the year then
    ended.Interest expense ....... $36,000Paid-in capital ....... $80,000Accumulated depreciation ...
    $24,000Notes payable (long-term) .. $280,000Rent expense ......... $72,000Merchandise
    inventory .... $840,000Accounts receivable ..... $192,000Depreciation expense ..... $12,000Land
    ........... $128,000Retained earnings ...... $900,000Cash ........... $144,000Cost of goods sold ....
    $1,760,000Equipment .......... $72,000Income tax expense ...... $240,000Accounts payable ......
    $92,000Sales revenue ....... $2,480,000a. Calculate the difference between current assets and
    current liabilities for Gary’s TV at December 31, 2010.b. Calculate the total assets at December
    31, 2010.c. Calculate the earnings from operations (operating income) for the year ended
    December 31, 2010.d. Calculate the net income (or loss) for the year ended December 31,
    2010.e. What was the average income tax rate for Gary’s TV for 2010?f. If $256,000 of
    dividends had been declared and paid during the year, what was the January 1, 2010, balance
    of retained earnings?View Solution:
    Gary s TV had the following accounts and amounts in its financial
    SOLUTION-- http://expertanswer.online/downloads/gary-s-tv-had-the-following-accounts-and-
    amounts-in-its-financial/

    See Answer here expertanswer.online


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