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Given the following information for Smashville Inc construct an income statement for the year Cost of goods sold $ 259000 Investment income $ 3100 Net sales $ 551000 Operating

Given the following information for Smashville, Inc., construct an income statement for the year:

  

       
  Cost of goods sold: $ 259,000  
  Investment income: $ 3,100  
  Net sales: $ 551,000  
  Operating expense: $ 94,000  
  Interest expense: $ 7,400  
  Dividends: $ 11,000  
  Tax rate:   30 %
 

  

What are retained earnings for the year? (Input all amounts as positive values. Omit the "$" sign in your response.)

 

Apr 05 2020 Read more Less More

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