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WINSTONCH [101]
3 years ago
14

Consider the following income statement for the Heir Jordan Corporation:

Business
1 answer:
vivado [14]3 years ago
5 0

Answer:

HEIR JORDAN CORPORATION

The projected addition to retained earnings is $5,743.

Explanation:

a) Data and Calculations:

HEIR JORDAN CORPORATION

Income Statement              Current Year   Projected

Sales                                      $ 49,000       $58,800 ($49,000 * 1.2)

Costs                                        40,300          48,360 (40,300 * 1.2)

Taxable income                      $ 8,700           10,440 (8,700 * 1.2)

Taxes (22%)                                1,914             2,297 (1,914 * 1.2)

Net income                            $ 6,786              8,143 (6,786 * 1.2)

Dividends                              $ 2,400             2,400

Addition to retained earnings 4,386             5,743

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