1 Homework Saved The information on the following page was obtained from the records of Breanna...
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1 Homework Saved The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable Accumulated depreciation $ 10,100 51,000 Cost of goods sold Income tax expense Cash Book Print Net sales Equipment Common stock (8,600 shares) rences Selling, general, and administrative expenses Accounts payable. Retained earnings, 1/1/19 Interest expense Merchandise inventory Long-term debt 126,000 9,500 62,500 203,000 122,000 35,000 93,000 11,900 26,300 5,100 38,300 37,000 Help Save & Exit Check my Dividends declared and paid during 2019 13,700 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all inco. statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year. Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a balance sheet at December 31, 2019, for Breanna Inc. Based on the financial statements that you have prepared for part a, answe the questions in parts b-e. b. What is the company's average income tax rate? c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year. d. What is the par value per share of common stock? < Prev 3 of 3 Next > average long-term debt account balance throughout the year. d. What is the par value per share of common stock? e. What is the company's dividend policy (i.e., what proportion of the company's earnings is used for dividends)? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B to E Prepare an income statement for the year ended December 31, 2019, for Breanna Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.) BREANNA INC. Income Statement For the Year Ended December 31, 2019 0 0 0 $ 0 < Prev 3 of 3 Next C Saveu average long-term debt account balance throughout the year. d. What is the par value per share of common stock? e. What is the company's dividend policy (i.e., what proportion of the company's earnings is used for divider Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B to E Prepare a statement of changes in stockholders' equity for the year ended December 31, 2019, for Breanna Inc. decreases with a minus sign to indicate a negative financial statement effect.). BREANNA INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2019 Paid-in capital Retained earnings Beginning balance Ending balance Total stockholders' equity Next Total current assets Total assets Total liabilities Assets Balance Sheet December 31, 2019 Saved 0 Liabilities Stockholders' Equity < Prev 3 of 3 Next > 0 ces Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B to E b. What is the company's average income tax rate? (Round your final answer to the nearest whole percentage.) c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year. (Round your final answer to the nearest whole percentage.) d. What is the par value per share of common stock? (Round your final answer to the nearest whole Dollars.) e. What is the company's dividend policy (i.e., what proportion of the company's earnings is used for dividends)? (Round your final answer to the nearest whole percentage.) b. Average income tax rate c. Interest rate d. Par value per share e. Dividend % % % Show less A 1 Homework Saved The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable Accumulated depreciation $ 10,100 51,000 Cost of goods sold Income tax expense Cash Book Print Net sales Equipment Common stock (8,600 shares) rences Selling, general, and administrative expenses Accounts payable. Retained earnings, 1/1/19 Interest expense Merchandise inventory Long-term debt 126,000 9,500 62,500 203,000 122,000 35,000 93,000 11,900 26,300 5,100 38,300 37,000 Help Save & Exit Check my Dividends declared and paid during 2019 13,700 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all inco. statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year. Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a balance sheet at December 31, 2019, for Breanna Inc. Based on the financial statements that you have prepared for part a, answe the questions in parts b-e. b. What is the company's average income tax rate? c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year. d. What is the par value per share of common stock? < Prev 3 of 3 Next > average long-term debt account balance throughout the year. d. What is the par value per share of common stock? e. What is the company's dividend policy (i.e., what proportion of the company's earnings is used for dividends)? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B to E Prepare an income statement for the year ended December 31, 2019, for Breanna Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.) BREANNA INC. Income Statement For the Year Ended December 31, 2019 0 0 0 $ 0 < Prev 3 of 3 Next C Saveu average long-term debt account balance throughout the year. d. What is the par value per share of common stock? e. What is the company's dividend policy (i.e., what proportion of the company's earnings is used for divider Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B to E Prepare a statement of changes in stockholders' equity for the year ended December 31, 2019, for Breanna Inc. decreases with a minus sign to indicate a negative financial statement effect.). BREANNA INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2019 Paid-in capital Retained earnings Beginning balance Ending balance Total stockholders' equity Next Total current assets Total assets Total liabilities Assets Balance Sheet December 31, 2019 Saved 0 Liabilities Stockholders' Equity < Prev 3 of 3 Next > 0 ces Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B to E b. What is the company's average income tax rate? (Round your final answer to the nearest whole percentage.) c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year. (Round your final answer to the nearest whole percentage.) d. What is the par value per share of common stock? (Round your final answer to the nearest whole Dollars.) e. What is the company's dividend policy (i.e., what proportion of the company's earnings is used for dividends)? (Round your final answer to the nearest whole percentage.) b. Average income tax rate c. Interest rate d. Par value per share e. Dividend % % % Show less A
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