Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I appreciate it the guidance! The information presented here represents selected data from the December 31,2022 , balance sheets and income statements for the year

I appreciate it the guidance!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The information presented here represents selected data from the December 31,2022 , balance sheets and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Gary's TV had the following accounts and amounts in its financial statements on December 31, 2022. Assume that all baiance sheet items reflect account balances at December 31,2022 , and that all income statement items reflect activities that occurred during the year then ended. Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2022. b. Calculate the total assets at December 31, 2022. c. Calculate the earnings from operations (operating income) for the year ended December 31,2022 d. Calculate the net income (or loss) for the year ended December 31, 2022. e. What was the average income tax rate for Gary's TV for 2022? f. If $31,500 of dividends had been declared and paid during the yeat, what was the January 1, 2022, balance of retained eamings? The information on the following page was obtained from the records of Breanna Incorporated: 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 copital during the year. Required: a. Prepare an income stotement and statement of changes in stockholders' equity for the year ended December 31,2022 . and a balance sheet at December 31, 2022, for Breanna Incorporated. Bosed on the financial statements that you have grepared 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 dobt is reptesentative of the average long-term debt account botance throughout the year. d. What is the pat value per share of common stock? e. Wbat is the company's dividend policy (ie,, what proportion of the compony's eamings is used for divicends)? Complete this question by entering your answers in the tabs below. Prepare an income statement for the year ended December 31, 2022, for Breanna Incorporated. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Prepare a statement of changes in stockhoiders' equity for the year ended December 31,2022 , for Breanna Incorporated. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Shariah Audit Framework A Case Study Of UAE Noor Takaful Operations

Authors: Abdussalam Ismail Onagun

1st Edition

3659644064, 978-3659644061

More Books

Students also viewed these Accounting questions

Question

1. Discuss the four components of language.

Answered: 1 week ago

Question

f. What stereotypes were reinforced in the commercials?

Answered: 1 week ago