The information on the following page was obtained from the records of Breanna Incorporated:
Accounts receivable
$ 53,000
Accumulated depreciation
117,000
Cost of goods sold
280,000
Income tax expense
10,878
Cash
141,960
Net sales
426,500
Equipment
266,000
Selling, general, and administrative expenses
65,500
Common stock (38,600 shares)
193,000
Accounts payable
43,000
Retained earnings, 1/1/22
41,540
Interest expense
8,480
Merchandise inventory
70,401
Long-term debt
106,000
Dividends declared and paid during 2022
30,821
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.
Complete this question by entering your answers in the tabs below.
Req A1
Req A2
Req A3
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
