Question
Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold: $224,000 Investment income: $2,400 Net sales: $489,000
Given the following information for Smashville, Inc., construct an income statement for the year:
| Cost of goods sold: | $224,000 | |
| Investment income: | $2,400 | |
| Net sales: | $489,000 | |
| Operating expense: | $90,000 | |
| Interest expense: | $7,400 | |
| Dividends: | $15,000 | |
| Tax rate: | 21 | % |
What are retained earnings for the year? (Input all amounts as positive values.)
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Cornerstones Of Financial Accounting
Authors: Bertrand Piccard, Jay Rich, Jeff Jones, Maryanne Mowen, Don Hansen, Nick Jones
1st Edition
0324657730, 9780324657739
