Problem 2-3 Dividends and Retained Earnings [LO1] Griffin's Goat Farm, Inc., has sales of $672,000, costs...

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Answer 1

Answer #1

Addition to retained Earnings will be as follows:

Sales	672,000
Less: Costs	334,000
Gross profit	338,000
Less: Depreciation Expense	78,000
Less: Interest Expense	49,000
Net Profit	211,000
Less: Tax @25%	52,750
Income after Tax	158,250
Less: Dividends paid	44,000
Addition to retained Earnings	$114,250

Answer 2

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