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2. National Importers has sales of $609,600, costs of $548,150, depreciation expense of $35,100, and interest paid of $12,400. The tax rate is 28 percent.
2. National Importers has sales of $609,600, costs of $548,150, depreciation expense of $35,100, and interest paid of $12,400. The tax rate is 28 percent. How much net income did the firm earn for the period?
3. The Comfy Inn had beginning retained earnings of $18,670. During the year, the company reported sales of $93,490, costs of $68,407, depreciation of $8,200, dividends of $950, and interest paid of $478. The tax rate is 34 percent. What is the retained earnings balance at the end of the year?
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