Mc Graw Hill Topic 1 Assignment i Course Hero 1 oh ezto.mheducation.com ACC-240 Class Resources M Question 4 - Topic 1 Assignment - Connect Saved Help Save & Exit Submit 4 The information on the following page was obtained from the records of Breanna Incorporated: Accounts receivable Accumulated depreciation 10 $ 63,000 points 127,000 Cost of goods sold 280,000 Skipped Income tax expense 14,310 Cash 146,800 Net sales 431,500 Equipment 286,000 Selling, general, and administrative expenses 70,500 Common stock (40,600 shares) 203,000 eBook Accounts payable 53,000 Retained earnings, 1/1/22 47,340 Interest expense 9,450 Merchandise inventory 100,608 References Long-term debt 126,000 17,172 Dividends declared and paid during 2022 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. Req A1 Req A2 Req A3 Req B to E 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. BREANNA INCORPORATED Income Statement < Prev 4 of 5 Next > 3 Check my work Mc Graw Hill Topic 1 Assignment i 4 10 points Skipped Course Hero 1 oh ezto.mheducation.com ACC-240 Class Resources Saved 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. Req A1 Req A2 eBook Req A3 Req B to E References 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. BREANNA INCORPORATED Income Statement For the Year Ended December 31, 2022 Req A1 Req A2 > 0 0 0 0 < Prev 4 of 5 Next > M Question 4 - Topic 1 Assignment - Connect Help Save & Exit Submit 3 Check my work 4 Mc Topic 1 Assignment i Course Hero 1 o h ezto.mheducation.com ACC-240 Class Resources Saved 4 10 10 points Skipped 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)? Graw Hill eBook Complete this question by entering your answers in the tabs below. References Req A1 Req A2 Req A3 Req B to E Prepare a statement of changes in stockholders' 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. BREANNA INCORPORATED Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2022 Paid-in capital Retained earnings Beginning balance Ending balance Total stockholders' equity Req A1 Req A3 0 $ 0 < Prev 4 of 5 Next > M Question 4 - Topic 1 Assignment - Connect Help Save & Exit Submit 3 Check my work 4 - Topic 1 Assignment i 4 10 10 points Mc Graw Hill Skipped eBook Course Hero 1 o h ezto.mheducation.com ACC-240 Class Resources Saved 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. References Req A1 Req A2 Req A3 Req B to E Prepare a balance sheet at December 31, 2022, for Breanna Incorporated. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. BREANNA INCORPORATED Total current assets Balance Sheet December 31, 2022 Assets Total assets Liabilities 0 0 < Prev 4 of 5 Next > M Question 4 - Topic 1 Assignment - Connect Help Save & Exit Submit 3 Check my work 4 Topic 1 Assignment i Course Hero 1 oh ezto.mheducation.com ACC-240 Class Resources Saved 4 10 points Skipped eBook 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)? References Mc Graw Hill Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B to 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. Note: Round your "Interest rate" answer to 1 decimal place. 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)? b. Average income tax rate c. Interest rate d. Par value per share e. Dividend % di do % Req A3 Req B to E Show less < Prev 4 of 5 Next > M Question 4 - Topic 1 Assignment - Connect Help Save & Exit Submit 3 Check my work 4