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

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

FINANCIAL ACCOUNTING
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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9)How does this work? How did they find the answers (minus the info given for it)

$175,000 $2,800 $297,000 $42,000 $7,400 $10,000 Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: 21% What are retained earnings for the year? (Input all amounts as positive values.) Sales 297,000 Cost of goods sold 175,000 Gross profit $ 122,000+/-0.1% Operating expense 42,000 Operating income 80,000+/-0.1% Investment income 2,800 Investment expense 7,400 Pretax income 75,400+/-0.1% Income taxes 15,834+/-0.1% Net income 59,566+/-0.1% Dividends 10,000 Retained earnings 49,566+/-0.1% %24
Transcribed Image Text:$175,000 $2,800 $297,000 $42,000 $7,400 $10,000 Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: 21% What are retained earnings for the year? (Input all amounts as positive values.) Sales 297,000 Cost of goods sold 175,000 Gross profit $ 122,000+/-0.1% Operating expense 42,000 Operating income 80,000+/-0.1% Investment income 2,800 Investment expense 7,400 Pretax income 75,400+/-0.1% Income taxes 15,834+/-0.1% Net income 59,566+/-0.1% Dividends 10,000 Retained earnings 49,566+/-0.1% %24
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