Upton Industries has revenues of $42,629, interest expense of $1,230, depreciation of $2,609, cost of goods...

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Upton Industries has revenues of $42,629, interest expense of $1,230, depreciation of $2,609, cost of goods...

Upton Industries has revenues of $42,629, interest expense of $1,230, depreciation of $2,609, cost of goods sold of $23,704, dividends paid of $1,200, and administrative expenses of $7,040. Assume the tax rate is 22 percent. What is the addition to retained earnings?

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Answer 1

Answer #1

Revenue	42629
Less:cost of goods sold	23704
Less:depreciation	2609
Less:administrative expenses	7040
Earnings before interest and taxes	9276
Less:interest	1230
Earnings before taxes	8046
Less:taxes(22%*8046)	1770.12
Net income	$6275.88
Less:Dividends	$1200
Addition to retained earnings	$5075.88

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Answer 2

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Upton Industries has revenues of $42,629, interest expense of $1,230, depreciation of $2,609, cost of goods...

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