Explore BrainMass

Explore BrainMass

    ABC Corp: Compute Ending Retained Earnings 2007

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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?

    © BrainMass Inc. brainmass.com March 5, 2021, 1:23 am ad1c9bdddf
    https://brainmass.com/business/financial-accounting-bookkeeping/abc-corp-compute-ending-retained-earnings-585998

    Solution Summary

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

    $2.49

    ADVERTISEMENT