which the company has agreed to do. COGS and Interest expenses are proportional to sales. The tax rate will remain the same. The company's dividend payout ratio is 40%. How much will be added to retained eamings balance in year 2020? Make sure you apply the 3% discount to the COGS Tom Company Income Statement During 2019 ($ in millions) Net sales $3,000 Cost of goods sold (COGS) 1.800 EBIT $1200 Interest expenses 300 EBT 900 Taxes 270 Net Income $630 Tom Company Balance Sheets 12/31/2017 ($ in millions) Cash $150 Accounts payable $450 Accounts receivable 500 Notes payable 600 Inventory 350 Current Liab. $1,050 Current Assets $1,000 Long-term debt 1,500 Net fixed assets 3.500 Owners' Equity 1.950 Total Assets $4,500 Total SE and Liab. $4,500 which the company has agreed to do. COGS and Interest expenses are proportional to sales. The tax rate will remain the same. The company's dividend payout ratio is 40%. How much will be added to retained eamings balance in year 2020? Make sure you apply the 3% discount to the COGS Tom Company Income Statement During 2019 ($ in millions) Net sales $3,000 Cost of goods sold (COGS) 1.800 EBIT $1200 Interest expenses 300 EBT 900 Taxes 270 Net Income $630 Tom Company Balance Sheets 12/31/2017 ($ in millions) Cash $150 Accounts payable $450 Accounts receivable 500 Notes payable 600 Inventory 350 Current Liab. $1,050 Current Assets $1,000 Long-term debt 1,500 Net fixed assets 3.500 Owners' Equity 1.950 Total Assets $4,500 Total SE and Liab. $4,500