Las Palmas Company reported the following items on its financial statements for the year ending December...
Las Palmas Company reported the following items on its financial
statements for the year ending December 31, 2017:
| Sales | $ 560,000 | Cost of goods sold | $400,000 | |
| Salary expense | 40,000 | Interest expense | 30,000 | |
| Dividends | 30,000 | Income tax expense | 25,000 |
How much will be reported as retained
earnings on Las Palmas' balance sheet at December
31, 2017, if this is the first year of operations?
Homework Answers
Net income = Sales - Cost of goods sold - Salary expense - Interest expense - Income tax expense = $560,000 - $400,000 - $40,000 - $30,000 - $25,000 = $65,000
Retained earnings = Net income - Dividends = $65,000 - $30,000 = $35,000
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