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    ABC Corp: Compute Ending Retained Earnings 2007

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    During 2007, ABC had sales of $93,054. Cost of goods sold, administrative expenses and selling expenses, and depreciation expenses were $31,629, $7,194, and $7,635, respectively. In addition, the company had an interest expense of $4,406, and a tax rate of 37%. The company paid$2,399 as dividends. If the retained earnings is 2006 were $51,337, what are the retained earnings in 2007?

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    Solution Summary

    Two schedules in Excel are provided, one to compute net income and another for ending RE.