Outlaws is a general goods retail chain in the High Plains region.Outlaws is forecasting its financial statements for Year 3.Selected financial information for Years 1 and 2 is provided in the table.What is Retained Earnings for Year 3?
Selected Financial Information
Outlaws Inc.($ millions)

*The tax rate is a percentage of Earnings Before Tax.

Question

Outlaws is a general goods retail chain in the High Plains region.Outlaws is forecasting its financial statements for Year 3.Selected financial information for Years 1 and 2 is provided in the table.What is Retained Earnings for Year 3?
Selected Financial Information
Outlaws Inc.($ millions)

*The tax rate is a percentage of Earnings Before Tax.

Quizplus · Accepted Answer

Retained Earnings₃ = Retained 11ea7fdb_fc49_0340_a768_2b5b709568bf_TB2902_11 + Net 11ea7fdb_fc49_0341_a768_9787b313b057_TB2902_11 - 11ea7fdb_fc49_0342_a768_f579059f934d_TB2902_11 Net Income = (Revenues - COGS - SG&A - Depreciation - Interest) × (1-T) Net Income = (30,817 - 23,370 - 5,533 - 621 - 277) × (1-0.35) = $660 Retained 11ea7fdb_fc49_2a53_a768_4d1fd870ac3f_TB2902_11 = $5,089 + $660 - $225 = $5,524

Outlaws Is a General Goods Retail Chain in the High