a. Calculate the difference between current assets and current liabilities for Garys 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 Garys TV for 2016?

f. If $411,060 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?

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 $ 30,000 88,000 31,000 284,000 68,000 830,000 186,000 11,000 123,000 431,940 141,000 1,752,000 70,000 244,940 98,000 2,523,000