Papa Roach Exterminators, Inc., has sales of $734,000, costs of $395,000, depreciation expense of $39,000, interest...
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Papa Roach Exterminators, Inc., has sales of $734,000, costs of $395,000, depreciation expense of $39,000, interest expense of $34,000, and a tax rate of 40 percent. A. What is the net income for the firm? B. What is the addition to retained earnings? Please be sure to break down how you are calculating this! Thank you |
Homework Answers
Net Income = (Sales - Costs - Depreciation - Interest expense) * (1 - tax rate)
= (734000 - 395000 - 39000 - 34000) * (1 - 0.40)
= 159,600
Retained earnings = Net Income - Dividend
Since there is no information related to the dividend, the entire net income of $159600 will be an addition to the retained earnings
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