Griffin's Goat Farm, Inc., has sales of $679,000, costs of $341,000, depreciation expense of $85,000, interest...
Griffin's Goat Farm, Inc., has sales of $679,000, costs of $341,000, depreciation expense of $85,000, interest expense of $52,500, a tax rate of 22 percent, and paid out $40,500 in cash dividends. What is the addition to retained earnings? (Do not round intermediate calculations.)
Homework Answers
| Sales | $679,000 |
| (-) Cost of goods sold | ( $341,000 ) |
| Gross profit | $338,000 |
| (-) Depreciation expense | ( $85,000 ) |
| Operating income | $253,000 |
| (-) Interest expense | ( $52,500 ) |
| Income before taxes | $200,500 |
| (-) Tax @ 22% | ( $44,110 ) |
| Net income | $156,390 |
| (-) Dividends | ( $40,500 ) |
| Addition to retained earnings | $115,890 |
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