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 the records of Shae Inc.:Merchandise inventory$88,000Notes payable (long-term)100,000Net sales300,000Buildings and equipment168,000Selling, general, and administrative expenses24,000Accounts receivable40,000Common stock (14,000 shares)70,000Income tax expense28,000Cash64,000Retained earnings, 1/1/1943,000Accrued liabilities6,000Cost of goods sold180,000Accumulated depreciation72,000Interest expense16,000Accounts payable30,000Dividends declared and paid during 201913,000Except 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)?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 StatementFor the Year Ended December 31, 2019000$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’ EquityFor the Year Ended December 31, 2019Paid-in capitalRetained earningsBeginning balanceEnding balance0Total 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 SheetDecember 31, 2019AssetsTotal current assets$0Total assets$0LiabilitiesTotal liabilities$0Stockholders’ EquityTotal stockholders’ equity$0Total 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 lessb.Average income tax rate%c.Interest rate%d.Par value per sharee.Dividend%
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