Chapter 13, Problem 3Q

Charleston Co. issued a $60,000, 150-day, discounted note to Heritage Bank. The discount rate is 8%. Assuming a 360-day year, the cash proceeds to Charleston Co. are:

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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?