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Question 1 (20 marks) You have recently been hired as a Finance Manager by FishKing Corp, a major multination corporation, after graduating from Yorkville University

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Question 1 (20 marks) You have recently been hired as a Finance Manager by FishKing Corp, a major multination corporation, after graduating from Yorkville University with a BBA. You got this job as a result of being a very ethical student who never cheated on any mid term exam. The following is the most recent Statement of Comprehensive Income for FishKing Corp. Sales $47,000 Cost of Goods 31,300 Taxable Income 15,700 Taxes 5,495 Net Income $10,205 Dividends $2,500 Retained Earnings 7,705 The CFO asks you to put together a pro forma statement of comprehensive income for next year projecting a 15% increase in sales. The CFO instructs you to assume that costs will vary with sales and that the dividend payout ratio will remain constant. o What is the projected addition to retained earnings? Show all your work by completing a proforma Statement of Comprehensive Income. (i) If the CFO wants to have $8,000 in addition to Retained Earnings next year, what should the Dividend Payout Ratio be

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