Income Statements Given the following information for Smashville, Inc., construct an income statement for the year:
|
Cost of goods sold: |
$149,000 |
|
Investment income: |
$1,900 |
|
Net sales: |
$294,000 |
|
Operating expense: |
$62,000 |
|
Interest expense: |
$6,200 |
|
Dividends: |
$4,300 |
|
Tax rate: |
35% |
What are retained earnings for the year?