Griffin's Goat Farm, Inc., has sales of $682,000, costs of $344,000, depreciation expense of $88,000, interest...

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Griffin's Goat Farm, Inc., has sales of $682,000, costs of $344,000, depreciation expense of $88,000, interest...

Griffin's Goat Farm, Inc., has sales of $682,000, costs of $344,000, depreciation expense of $88,000, interest expense of $54,000, a tax rate of 25 percent, and paid out $39,000 in cash dividends. What is the addition to retained earnings? (Do not round intermediate calculations.)

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Answer 1

Answer #1

Particulars	Amount
Sales	682,000
Costs	344,000
Depreciation expense	88,000
Profit before interest and tax	250,000
Less: Interest	54,000
Profit before tax	196,000
Less: Tax @ 25%	49,000
Profit after tax	147,000
Less: Cash Dividend	39,000
Balance transferred to retained earnings	108,000

Addition to retained earnings = 108000

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Answer 2

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