In a Word document, write a short paragraph on what would have been the net impact on retained earnings in each of these years from the transactions listed in the data set. Ignore any tax effects. 3 Row Labels4 20155 20166 2017Sum of sales revenue Sum of total cost Sum of gross profit92149269.97 $ 55,386,893.4036762376.57113493261.6 $ 68,159,337.82129179569 $ 77,589,371.3145333923.8151590197.66157359960.8 $ 94,459,814.977 20188 Grand Total62900145.84492182061.4 $ 295,595,417.50196586643.910

The profit or loss of a firm affects the stockholders' equity at the end of the accounting period.…

3 Row Labels Sum of sales revenue Sum of total cost Sum of gross profit 92149269.97 $ 55,386,893.40 4 2015 5 2016 6 2017 7 2018 8 Grand Total 36762376.57 113493261.6 $ 68,159,337.82 45333923.81 129179569 $ 77,589,371.31 51590197.66 157359960.8 $ 94,459,814.97 62900145.84 492182061.4 $ 295,595,417.50 196586643.9

3 Row Labels Sum of sales revenue Sum of total cost Sum of gross profit 92149269.97 $ 55,386,893.40 4 2015 5 2016 6 2017 7 2018 8 Grand Total 36762376.57 113493261.6 $ 68,159,337.82 45333923.81 129179569 $ 77,589,371.31 51590197.66 157359960.8 $ 94,459,814.97 62900145.84 492182061.4 $ 295,595,417.50 196586643.9

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

In a Word document, write a short paragraph on what would have been the net impact on retained earnings in each of these years from the transactions listed in the data set. Ignore any tax effects.

3 Row Labels
4 2015
5 2016
6 2017
Sum of sales revenue Sum of total cost Sum of gross profit
92149269.97 $ 55,386,893.40
36762376.57
113493261.6 $ 68,159,337.82
129179569 $ 77,589,371.31
45333923.81
51590197.66
157359960.8 $ 94,459,814.97
7 2018
8 Grand Total
62900145.84
492182061.4 $ 295,595,417.50
196586643.9
10

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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