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Wholesale Hank's Hardware had beginning retained earnings of $18,670. During the year, the company paid dividends of $2,050, and reported total sales of $203,846. Their
Wholesale Hank's Hardware had beginning retained earnings of
$18,670. During the year, the company paid dividends of $2,050, and
reported total sales of $203,846. Their tax rate is 35 percent. For
the year, costs were $88,763, interest paid was $20,834 and
depreciation was $28,556. What is the retained earnings balance at the
end of the year?
a. $59,320
b. $21,883
c. $61,370
d. $63,420
e. $30,393
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