Homework Answers
The income statement for the company is:
Income Statement
| Sales | $528,600 |
| Costs | ($264,400) |
| Depreciation | ($41,700) |
| EBIT | $222,500 |
| Interest | ($20,700) |
| EBT | $201,800 |
| Taxes (35%) | ($70,630) |
| Net income | $131,170 |
Addition to retained earnings = Net income – Dividends
Addition to retained earnings = $131,170 – $27,000
Addition to retained earnings = $104,170
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