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Additional Information: For this project, round to the nearest whole dollar. The income tax rate is 35%. The company uses actual costing Create a Statement

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Additional Information:

  1. For this project, round to the nearest whole dollar.
  2. The income tax rate is 35%.
  3. The company uses actual costing

Create a Statement of Retained Earnings

The Rogue River Manufacturing Company The following information was taken from the year-end Adjusted Trial Balance of the Rogue River Manufacturing Company: + Manufacturing Accounts: Materials Inventory - Resin A, January 1 Materials Inventory - Resin A, December 31 Materials Inventory - Hardener Q, January 1 Materials Inventory - Hardener Q, December 31 Work in Process Inventory, January 1 Work in Process Inventory, December 31 Materials Purchased Cost - Resin A Materials Purchased Cost - Hardener Direct Manufacturing Labor Cost - Dept. A Direct Manufacturing Labor Cost Dept. B Supervisory Labor Cost Set-up Cost Utility Cost Engineering Cost Fringe Benefit Cost Purchasing Cost Data Entry Cost Depreciation Cost Property Tax Cost Insurance Cost Non-manufacturing Accounts: Notes Payable - Short-term Retained Earnings - January 1 Finished Goods Inventory, January 1 Cash Finished Goods Inventory, December 31 Interest Expense (General & Admin.) Accounts Payable Marketing, Delivery Expense Marketing, Advertising Expense Plant and Equipment Income Tax Payable Accumulated Depreciation Administrative Expense Accounts Receivable Sales Revenue Dividends Declared Common Stock $2,712 3,528 8,000 10,526 20,000 50,000 42,110 178,900 120,317 98,974 900,000 298,222 15,233 40,015 168,213 52,300 10,111 360,000 18,000 60,000 $90,092 658,848 38,555 209,000 46,800 12,200 34,422 327,000 120,000 4,081,000 From Income Statement 900,000 300,000 309.500 3,757,000 300,000 2,650,000

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