Given the following information for Smashville, Inc., construct an income statem

Question

Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold 200000 investments income 2700 Net sales 333000 operating expense 47000 interest expense 7400 dividends 16000 tax rate 35.00% What are retained earnings for the year? (Input all amounts as positive values. Omit the "$" sign in your response.) Sales Cost of goods sold Gross Profit Operating expense Operating income investmetns income investments expense Pretax income income taxes Net income Divendes Retained earingind Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold 200000 investments income 2700 Net sales 333000 operating expense 47000 interest expense 7400 dividends 16000 tax rate 35.00% What are retained earnings for the year? (Input all amounts as positive values. Omit the "$" sign in your response.) Sales Cost of goods sold Gross Profit Operating expense Operating income investmetns income investments expense Pretax income income taxes Net income Divendes Retained earingind

Explanation / Answer

Sales 333000 Cost of goods sold 200000 Gross Profit 133000 Operating expense 47000 Operating income 86000 investmetns income 2700 investments expense 7400 Pretax income 81300 income taxes 28455 Net income 52845 Divendend 16000 Retained earning 36845

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