Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold: $189,000 Investment income: $1,700 Net sales: $323,000 Operating expense: $43,000 Interest expense: $7,400 Dividends: $9,000 Tax rate: 21 % What are retained earnings for the year?

Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold: $189,000 Investment income: $1,700 Net sales: $323,000 Operating expense: $43,000 Interest expense: $7,400 Dividends: $9,000 Tax rate: 21 % What are retained earnings for the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

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Given the following information for Smashville, Inc., construct an income statement for the year:


Cost of goods sold:	$189,000
Investment income:	$1,700
Net sales:	$323,000
Operating expense:	$43,000
Interest expense:	$7,400
Dividends:	$9,000
Tax rate:	21	%

What are retained earnings for the year?

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