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 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 Breanna 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 (i.e., what proportion of the company's earnings is used for dividends)? Complete this question by entering your answers in the tabs below. 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. Rudy Gandolfi owns and operates Rudy's Furniture Emporium Incorporated. The balance sheet totals for assets, liabilities, and stockholders' equity at August 1, 2022, are as indicated. Described here are several transactions entered into by the company throughout the month of August. Required: a. Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. b. What was the amount of net income (or loss) during August? How much were total revenues and total expenses during August? c. What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity? d. Which of the following statement(s) is/are true? Complete this question by entering your answers in the tabs below. Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for e category. The first transaction is provided as an illustration. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Leave no cells blank. Enter "0" wherever necessary
