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Firm S has COGS equal to $500,000 for year ended 12/31/04. Gross Profit for the year...

Firm S has COGS equal to $500,000 for year ended 12/31/04. Gross Profit for the year also was $ 500,000, and the Profit Margin for the year was 15%. The Retention Rate for the year was 80%, and Year 2004 was the firm's first year of operations Based upon the information, please provide the Statement of Retained Earnings for year ended 12/31/04 for Firm S.

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Answer #1

Sales = Gross Profit + COGS = 500,000 + 500,000 = 1,000,000
Profit = Profit Margin*Sales = 15%* 1,000,000 = 150,000
Retained Earnings = Retention Rate * Net Income = 80%*150,000 = 120,000

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