Business, 25.02.2021 17:50 ghadeeraljelawy
The following information was obtained from the records of Shae Inc.:.
Retained earnings, July 31, 2017. . . . . . . . . $31,700
Cost of goods sold. . . . . . . . . . $137,600
Accounts receivable. . . . . . 28,000
Cash. . . . . . . . . . . . . . . . . . . 26,200
Net revenues. . . . . . . . . . . 189,000
Property and equipment, net. . 19,000
Total current liabilities. . . . . 52,600
Common stock. . . . . . . . . . . . . 23,500
All other expenses. . . . . . . . 24,000
Inventories. . . . . . . . . . . . . . . . . 40,000
Other current assets. . . . . . . 4,700
Long-term liabilities. . . . . . . . . . 6,800
Other assets. . . . . . . . . . . . . 24,100
Dividends. . . . . . . . . . . . . . . . . . 0
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:
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.
What is the company's average income tax rate?
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.
What is the par value per share of common stock?
What is the company's dividend policy (i. e., what proportion of the company's earnings is used for dividends)?
Answers: 2
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The following information was obtained from the records of Shae Inc.:.
Retained earnings, July 31,...
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