Please answer the following questions, I have attached screen shots of the charts!! —->PLEASE REVIEW ALL THE MATERIAL BEFORE YOU COMMIT TO DOING IT. The following information was obtained from th

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—->PLEASE REVIEW ALL THE MATERIAL BEFORE YOU COMMIT TO DOING IT.

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 all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year.

Required:

  1. Prepare an income statement and statement of changes in stockholders’ equity for the year ended December 31, 2019, and a balance sheet at December 31, 2019, for Shae Inc. Based on the financial statements that you have prepared for part a, answer the questions in parts b–e.
  2. What is the company’s average income tax rate?
  3. 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.
  4. What is the par value per share of common stock?
  5. What is the company’s dividend policy (i.e., what proportion of the company’s earnings is used for dividends)?

Prepare an income statement for the year ended December 31, 2019, for Shae Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.)

SHAE INC.

Income Statement

For the Year Ended December 31, 2019

0

0

0

$0

—————-

Prepare a statement of changes in stockholders’ equity for the year ended December 31, 2019, for Shae Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.)

SHAE INC.

Statement of Changes in Stockholders’ Equity

For the Year Ended December 31, 2019

Paid-in capital

Retained earnings

Beginning balance

Ending balance

0

Total stockholders’ equity

$0

==================

Prepare a balance sheet at December 31, 2019, for Shae Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.)

SHAE INC.

Balance Sheet

December 31, 2019

Assets

Total current assets

$0

Total assets

$0

Liabilities

Total liabilities

$0

Stockholders’ Equity

Total stockholders’ equity

$0

Total liabilities and stockholders’ equity

$0

=========================

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)?

Show less

b.

Average income tax rate

%

c.

Interest rate

%

d.

Par value per share

e.

Dividend

%



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