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pharrell, inc., has sales of $595,000, costs of $263,000 depreciation expense of $66,000, interest expense of...

pharrell, inc., has sales of $595,000, costs of $263,000 depreciation expense of $66,000, interest expense of $33,000, and a tax rate of 30percent. The firm paid out $41,000 in cash dividends. What is the addition to retained earnings.

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Answer #1
Sales      595,000.00
Less: Cost of goods sold      263,000.00
Gross profit      332,000.00
Less: Depreciation        66,000.00
EBIT      266,000.00
Less: Interest        33,000.00
Income Before Income Tax (EBT)      233,000.00
Less: Income Tax @30%        69,900.00
Net Income      163,100.00
Cash dividend        41,000.00
Addition to retained earnings      122,100.00
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