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Argosy University/ Phoniex University/
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Phoniex University
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Category > Accounting Posted 21 Aug 2017 My Price 9.00

Heir Jordan Corporation

9. Calculating Retained Earnings from Pro Forma Income Consider the following income statement for the Heir Jordan Corporation:

Sales		$47,000
Costs		31,300
Taxable income		$15,700
Taxes (35%)		5,495
Net income		$10,205
Dividends	$2,500
Addition to retained earnings	7,705

A 20 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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Status NEW Posted 21 Aug 2017 02:08 PM My Price 9.00

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