Homework Answers
| BREANNA, INC. | |
| Income Statement | |
| For the Year Ended December 31, 2019 | |
| Sales | 800,000.00 |
| Cost of Goods Sold | - 512,000.00 |
| Gross Profit | 288,000.00 |
| Selling, general and administrative expenses | - 136,000.00 |
| Operating iNcome | 152,000.00 |
| Interest Expense | - 24,000.00 |
| Earning before taxes | 128,000.00 |
| Income tax Expense | - 32,000.00 |
| Net income | 96,000.00 |
| BREANNA, INC. | ||
| Statement of Changes in Stockholders’ Equity | ||
| For the Year Ended December 31, 2019 | ||
| Paid-in capital | ||
| Common stock | 360,000.00 | |
| Retained earnings | ||
| Beginning balance | 92,000.00 | |
| Net income | 96,000.00 | |
| Less: Dividends declared and paid | - 48,000.00 | |
| Ending balance | 140,000.00 | |
| Total stockholders’ equity | 500,000.00 | |
b) Average Income tax rate = 24,000/128,000
=18.75%
c)Interest on long term debit = 24,000160,000
=15%
d)Par value of common Stock = 360,000/36,000
=10
e)Dividend = 48,000/96,000
=50%
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Check my work The information on the following page was obtained from the records of Breanna...
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The information on the following page was obtained from the records of Breanna, Inc.: Accounts receivable...
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create balance sheet terree Watch Y Yahoo Google School Resources M Gmail YouTube Maps BREANNA, INC....
create balance sheet
terree Watch Y Yahoo Google School Resources M Gmail YouTube Maps BREANNA, INC. Balance Sheet December 31, 2016 Assets Accounts receivable Cash Equipment Merchandise inventory Total current assets Total assets Liabilities Common stock (Retained earnings Accounts payable Long-term debt Total liabilities Stockholders' Equity M Connect Learning Soft x + box (6,747) - shellyps x Login | SUNY Empire Stat * Ch 2 Sample Solutions X > C e zto.mheducation.com/hmtpx? -0.6988962926276361_1583038458804 ps Watch Free Watch... Y Yahoo Google...
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create balance sheet
terree Watch Y Yahoo Google School Resources M Gmail YouTube Maps BREANNA, INC. Balance Sheet December 31, 2016 Assets Accounts receivable Cash Equipment Merchandise inventory Total current assets Total assets Liabilities Common stock (Retained earnings Accounts payable Long-term debt Total liabilities Stockholders' Equity M Connect Learning Soft x + box (6,747) - shellyps x Login | SUNY Empire Stat * Ch 2 Sample Solutions X > C e zto.mheducation.com/hmtpx? -0.6988962926276361_1583038458804 ps Watch Free Watch... Y Yahoo Google...
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