Chapter 13, Problem 1Q

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General accounting question

The Bakery Inc. expects sales of $750,000 next year at a 5% pretax profit margin and an average tax rate of 30%. If it chooses to pay out 25% of its earnings as dividends, what is the projected increase in retained earnings?

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Aquila Enterprises began the year with total liabilities of $120,000 and stockholders' equity of $80,000. During the year, the company had a net income of $190,000 and paid its shareholders $50,000. Total liabilities at the end of the year were $95,000. What is the total amount of assets at the end of the year?