Skip to content
Course Work Minutes

Helping You With Your Course Work

  • Shop
  • Cart
  • Checkout
  • My Account
  • Contact Us
Awaiting product image

The information on the following page was obtained from the records of Breanna

$13.00

Category: Accounting Tags: , 0, 1, account, accounting, accounts, activities, aume, balance, balances, breanna, changes, common, companys, debt, december, dividends, earnings, ended, expense, following, income, indicated, information, items, longterm, obtained, occurred, page, rate, records, reflect, sheet, statement, stock, year
  • Description
  • Reviews (0)

Description

The information on the following page was obtained from the records of Breanna, Inc.:
Accounts receivable $ 11,000
Accumulated depreciation 50,400
Cost of goods sold 128,000
Income tax expense 9,000
Cash 62,000
Sales 197,000
Equipment 121,000
Selling, general, and administrative expenses 36,000
Common stock (8,400 shares). 95,000
Accounts payable 12,800
Retained earnings, 1/1/13 26,200
Interest expense 5,000
Merchandise inventory 37,100
Long-term debt 39,000
Dividends declared and paid during 2013 11,300

Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2013, and that all income statement items reflect activities that occurred during the year ended December 31, 2013. 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, 2013, and a balance sheet at December 31, 2013, 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)?

Reviews

There are no reviews yet.

Be the first to review “The information on the following page was obtained from the records of Breanna” Cancel reply

Your email address will not be published. Required fields are marked *

Related products

  • Placeholder
    Accounting

    acc560!!!!!!!!!!!!!!!!!!!!!!!!!!1111

    $1.00 Add to cart
  • Placeholder
    Accounting

    accounting answer

    $2.00 Add to cart
  • Placeholder
    Accounting

    Accounting Questions

    $13.00 Add to cart
Copyright | Zita | Powered by Zita