Calculating Retained Earnings from Pro Forma Income
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION
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Write My Essay For MeIncome Statement
Sales
$24,000
Costs
13,500
Taxable income
$10,500
Taxes (34%)
3,570
Net income
$ 6,930
Dividends
$2,426
Addition to retained earnings
4,504
A20 percent growth rate in sales is projected. Prepare a pro forma income statement assuming costs vary with sales and the dividend payout ratio is constant. What is the projected addition to retained earnings?
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