The information on the following page was obtained from the records of Breanna, Inc.: Accounts receivable...
The information on the following page was obtained from the records of Breanna, Inc.:
| Accounts receivable | $ | 10,900 |
| Accumulated depreciation | 51,400 | |
| Cost of goods sold | 126,000 | |
| Income tax expense | 10,000 | |
| Cash | 61,000 | |
| Sales | 208,000 | |
| Equipment | 126,000 | |
| Selling, general, and administrative expenses | 37,000 | |
| Common stock (8,800 shares) | 96,000 | |
| Accounts payable | 11,600 | |
| Retained earnings, 1/1/16 | 23,650 | |
| Interest expense | 5,300 | |
| Merchandise inventory | 38,600 | |
| Long-term debt | 39,000 | |
| Dividends declared and paid during 2016 | 14,850 |
Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year ended December 31, 2016. 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, 2016, and a balance sheet at December 31, 2016, 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?
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 are used for dividends)?
Homework Answers
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The information on the following page was obtained from the
records of Breanna, Inc.:
Accounts
receivable...
The information on the following page was obtained from the records of Breanna, Inc.: Accounts receivable...
The information on the following page was obtained from the records of Breanna, Inc.: Accounts receivable $ 10,200 Accumulated depreciation 50,800 Cost of goods sold 126,000 Income tax expense 9,000 Cash 63,500 Sales 201,000 Equipment 126,000 Selling, general, and administrative expenses 33,000 Common stock (9,400 shares) 92,000 Accounts payable 14,100 Retained earnings, 1/1/16 28,950 Interest expense 5,700 Merchandise inventory 38,800 Long-term debt 39,000 Dividends declared and paid during 2016 13,650 Except as otherwise indicated, assume that all balance sheet items...
The information on the following page was obtained from the records of Breanna, Inc.: Accounts receivable...
The information on the following page was obtained from the records of Breanna, Inc.: Accounts receivable $ 10,400 Accumulated depreciation 51,800 Cost of goods sold 127,000 Income tax expense 9,500 Cash 60,500 Sales 207,000 Equipment 127,000 Selling, general, and administrative expenses 35,000 Common stock (8,900 shares) 98,000 Accounts payable 11,800 Retained earnings, 1/1/16 21,150 Interest expense 5,000 Merchandise inventory 37,100 Long-term debt 37,000 Dividends declared and paid during 2016 15,250 Except as otherwise indicated, assume that all balance sheet items...
The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable...
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 (8,700 shares) Accounts payable Retained earnings, 1/1/19 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2019 $ 10,000 50.900 126,000 9.500 61,500 192,000 123,000 38,000 91,000 12,800 32,650 5,600 37,300 38,000 6,450 Except as otherwise indicated, assume that all balance sheet...
Check my work The information on the following page was obtained from the records of Breanna...
Check my work The information on the following page was obtained from the records of Breanna inc points eBook Accounts receivable Accumulated depreciation Cast of goods sold Income tax expense Cash Net Sales Equipment Selling, general, and administrative expenses Coman stock 136.000 shares 1 Accounts payable Retained earnings, 1/1/19 Interest expense Herchandise inventory Long-term debt Dividends declared and paid during 2019 $ 40,000 208,200 $12,000 32.000 260,000 800,000 480,003 136,000 360,000 60,000 92,220 24,000 148.000 160.000 48,008 References Except as...
The following information was obtained from the records of Shae, Inc.: Merchandise inventory $ 108,000 Notes...
The following information was obtained from the records of Shae, Inc.: Merchandise inventory $ 108,000 Notes payable (long-term) 120,000 Sales 360,000 Buildings and equipment 216,000 Selling, general, and administrative expenses 36,000 Accounts receivable 54,000 Common stock (20,000 shares) 160,000 Income tax expense 25,560 Cash 189,705 Retained earnings, 1/1/16 98,400 Accrued liabilities 7,200 Cost of goods sold 216,000 Accumulated depreciation 97,200 Interest expense 22,800 Accounts payable 36,000 Dividends declared and paid during 2016 10,735 Except as otherwise indicated, assume that all...
The following information was obtained from the records of Shae Inc.: Merchandise inventory $ 88,000 Notes...
The following information was obtained from the records of Shae Inc.: Merchandise inventory $ 88,000 Notes payable (long-term) 100,000 Net sales 300,000 Buildings and equipment 168,000 Selling, general, and administrative expenses 24,000 Accounts receivable 40,000 Common stock (14,000 shares) 70,000 Income tax expense 28,000 Cash 64,000 Retained earnings, 1/1/19 43,000 Accrued liabilities 6,000 Cost of goods sold 180,000 Accumulated depreciation 72,000 Interest expense 16,000 Accounts payable 30,000 Dividends declared and paid during 2019 13,000 Except as otherwise indicated, assume that...
The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes payable (long-term)...
The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes payable (long-term) Net sales Buildings and equipment Selling, general, and administrative expenses Accounts receivable Common stock (14,000 shares) Income tax expense $ 88,000 100.000 300.000 168,000 20.000 40.000 70,000 28.000 64.000 43.000 6.000 180,000 72.000 16,000 30.000 13,000 Retained earnings, 1/1/19 Nccrued liabilities Cost of goods sold Accumulated depreciation Interest expense Accounts payable Dividends declared and paid during 2019 Except as otherwise indicated, assume that all...
The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes payable (long-term)...
The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes payable (long-term) Net Sales Buildings and equipment Selling, general, and administrative expenses Accounts receivable Common stock (14,000 shares) Income tax expense Cash Retained earnings, 1/1/19 Nccrued liabilities Cost of goods sold Accumulated depreciation Interest expense Accounts payable Dividends declared and paid during 2019 $ 88,000 100,000 300,000 168.000 24,000 40,000 70.000 28.000 64,000 43,000 6.000 180,000 72,000 16,000 30,000 13,000 Except as otherwise indicated, assume that...
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...
prepare an income statement of changes in stockholders equity S Accounts receivable Accumulated depreciation Cost of...
prepare an income statement of changes in stockholders equity
S Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash Sales Equipment Selling general, and administrative expenses Common stock 8.700 shares) Accounts payable Retained w ings, 1/1/16 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2016 101500 50.100 12 000 9000 52 500 195.000 123000 3 000 98000 10.500 28 800 5 5 40.000 9 200 Except as otherwise indicated, assume that all balance sheet...
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 (8,700 shares) Accounts payable Retained earnings, 1/1/19 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2019 $ 10,000 50.900 126,000 9.500 61,500 192,000 123,000 38,000 91,000 12,800 32,650 5,600 37,300 38,000 6,450 Except as otherwise indicated, assume that all balance sheet...
Check my work The information on the following page was obtained from the records of Breanna inc points eBook Accounts receivable Accumulated depreciation Cast of goods sold Income tax expense Cash Net Sales Equipment Selling, general, and administrative expenses Coman stock 136.000 shares 1 Accounts payable Retained earnings, 1/1/19 Interest expense Herchandise inventory Long-term debt Dividends declared and paid during 2019 $ 40,000 208,200 $12,000 32.000 260,000 800,000 480,003 136,000 360,000 60,000 92,220 24,000 148.000 160.000 48,008 References Except as...
The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes payable (long-term) Net sales Buildings and equipment Selling, general, and administrative expenses Accounts receivable Common stock (14,000 shares) Income tax expense $ 88,000 100.000 300.000 168,000 20.000 40.000 70,000 28.000 64.000 43.000 6.000 180,000 72.000 16,000 30.000 13,000 Retained earnings, 1/1/19 Nccrued liabilities Cost of goods sold Accumulated depreciation Interest expense Accounts payable Dividends declared and paid during 2019 Except as otherwise indicated, assume that all...
The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes payable (long-term) Net Sales Buildings and equipment Selling, general, and administrative expenses Accounts receivable Common stock (14,000 shares) Income tax expense Cash Retained earnings, 1/1/19 Nccrued liabilities Cost of goods sold Accumulated depreciation Interest expense Accounts payable Dividends declared and paid during 2019 $ 88,000 100,000 300,000 168.000 24,000 40,000 70.000 28.000 64,000 43,000 6.000 180,000 72,000 16,000 30,000 13,000 Except as otherwise indicated, assume that...
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...
prepare an income statement of changes in stockholders equity
S Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash Sales Equipment Selling general, and administrative expenses Common stock 8.700 shares) Accounts payable Retained w ings, 1/1/16 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2016 101500 50.100 12 000 9000 52 500 195.000 123000 3 000 98000 10.500 28 800 5 5 40.000 9 200 Except as otherwise indicated, assume that all balance sheet...
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