Rockford Corporation reports the following in its 2017 financial statements (in millions):
Sales and net income are forecasted to grow by 10% per year for the next few years.
a. What will forecasted sales be in 2018 and 2019?
b. Determine the balance in retained earnings at the end of 2018 and 2019 assuming forecasted net income is $1,153 million for 2018 and $1,268 million for 2019.

Question

Rockford Corporation reports the following in its 2017 financial statements (in millions):
  Sales and net income are forecasted to grow by 10% per year for the next few years. 
a. What will forecasted sales be in 2018 and 2019?
b. Determine the balance in retained earnings at the end of 2018 and 2019 assuming forecasted net income is $1,153 million for 2018 and $1,268 million for 2019.

Quizplus · Accepted Answer

The Answer of Rockford Corporation reports the following in its 2017 financial statements (in millions):
  Sales and net income are forecasted to grow by 10% per year for the next few years. 
a. What will forecasted sales be in 2018 and 2019?
b. Determine the balance in retained earnings at the end of 2018 and 2019 assuming forecasted net income is $1,153 million for 2018 and $1,268 million for 2019.

Rockford Corporation Reports the Following in Its 2017 Financial Statements