11. IL UUESTIUL lule The information on the following page was obtained from the records of Breanna Inc. Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash Net sales Equipment Selling general, and administrative expenses Common stock (9,000 shares) Accounts payable Retained earnings, 1/1/19 Interest expense Merchandise inventory Long term debt Dividends declared and paid during 2019 $ 10,600 50,600 129,000 9,000 64,500 193,000 125,000 38.000 93.000 11,300 41,350 5,700 38,800 37,000 5,650 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and th statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid- during the year Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, balance sheet at December 31, 2019, for Breanna Inc. Based on the financial statements that you have prepared for par the questions in parts b-e. What in the PAMAHALAAn inramn? Theck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate complet Ref Common stock (9,000 shares) Accounts payable Retained earnings, 1/1/19 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2019 93,000 11,300 41,350 5,700 38,888 37,000 5,650 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all incom 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, answer 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 dept is representative of the 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)? Answer is not complete. Complete this question by entering your answers in the tabs below. ompelu Jului. Il Current maturities of long-term debt Supplies Total current assets 0 Less Accumulated depreciation Total assets 0 Liabilities Rent expense X Accounts payable Long-term debt Withholding liabilities Total liabilities 0 Stockholders' Equity X X Common stock Premium on bonds payable Serial bonds payable Retained earnings Total stockholders equity Total liabilities and stockholders equity 0 $ 0
