Cost of goods sold: $175,000 Investment income: $2,800 Net sales: $297,000 Operating expense: $42,000 Interest expense: $7,400 Dividends: $10,000 Tax rate: 21 % What are retained earnings for the year? (Input all amounts as positive values.)

Cost of goods sold: $175,000 Investment income: $2,800 Net sales: $297,000 Operating expense: $42,000 Interest expense: $7,400 Dividends: $10,000 Tax rate: 21 % What are retained earnings for the year? (Input all amounts as positive values.)

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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Question


Cost of goods sold:	$175,000
Investment income:	$2,800
Net sales:	$297,000
Operating expense:	$42,000
Interest expense:	$7,400
Dividends:	$10,000
Tax rate:	21	%

What are retained earnings for the year? (Input all amounts as positive values.)

How do I find this with excel?

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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