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Frye inc has sales of 625,000. Costs of goods sold of $260,000, depreciation expense of $79,000...

Frye inc has sales of 625,000. Costs of goods sold of $260,000, depreciation expense of $79,000 interest expense of $43,000 and an average tax rate of 35 percent if the firms beginning balance of retained earnings is 200,000 how much is the firms ending balance in retained earnings?
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Answer #1
Frye inc.
Income Statement
Sales 625000
Less:Cost of Goods Sold 260000
Gross Profit 365000
Less: Expenses
Depreciaton Expense 79000
Interest Expense 43000
Total Expenses 122000
Earnings before tax 243000
Less: Tax (243000*35%) 85050
Net income 157950
Frye inc.
Statement of Retained Earnings
Beginning balance of Retained Earnings 200000
Add: Net income 157950
Less: Dividends
Ending balance of Retained Earnings 357950
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