bik nces Problem 2-22 (Algo) Prepare an income statement, balance sheet, and statement of changes in stockholders' equity; analyze results LO 2-2, 2-3, 2-4 The following information was obtained from the records of Shae Incorporated: Merchandise inventory Notes payable (long-term) Net sales Buildings and equipment Selling, general, and administrative expenses Accounts receivable Common stock (20,000 shares) Income tax expense, Cash Retained earnings, 1/1/22 Accrued liabilities Cost of goods sold Accumulated depreciation Interest expense Accounts payable Dividends declared and paid during 2022 $ 72,000 80,000 240,000 144,000 24,000 36,000 80,000 19,200 91,120 49,200 4,800 144,000 64,800 8,000 24,000 4,480 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2022, and that all income statement items reflect activities that occurred during the year ended December 31, 2022. 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, 2022, and a balance sheet at December 31, 2022, for Shae Incorporated. 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 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? what nation of the maande neninne in nnd fe dicidandals ok nt Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2022, and a balance sheet at December 31, 2022, for Shae Incorporated. 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 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? e. What is the company's dividend policy (.e., what proportion of the company's earnings is used for dividends)? Complete this question by entering your answers in the tabs below. ences Req A1 Req Req A3 Req B to E Prepare an income statement for the year ended December 31, 2022, for Shae Incorporated. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. SHAE INCORPORATED Income Statement For the Year Ended December 31, 2022 0 0 $ 0 Req A1 Req A2 Req A3 Req B to E Prepare a statement of changes in stockholders' equity for the year ended December 31, 2022, for Shae Incorporated. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Paid-in capital Retained earnings Beginning balance SHAE INCORPORATED Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2022 Ending balance Total stockholders' equity 0 $ 0 < Req A1 Req A3 > ok nt ences Prepare a balance sheet at December 31, 2022, for Shae Incorporated. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. SHAE INCORPORATED Balance Sheet December 31, 2022 Total current assets Assets + $ 0 Total assets $ 0 Liabilities Total liabilities $ 0 Stockholders' Equity Total stockholders' equity $ 0 Req A1 Req A2 Req A3 Req B to E b. What is the company's average income tax rate? Note: 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. Note: Round your final answer to the nearest whole percentage. d. What is the par value per share of common stock? Note: 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)? Note: 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