Sidewinder, Inc., has sales of $658,000, costs of $334,000, depreciation expense of $79,000, interest expense of $44,000, and a tax rate of 21 percent. The firm paid out $74,000 in cash dividends. What is the addition to retained earnings? (Do not round intermediate calculations and round your answer to the nearest whole number, e. g., 32.)

The addition to retained earnings is $84,790.

Explanation:

Sales of                                          $658,000

Costs of                                          ($334,000)

Gross Income                                $324,000

Depreciation expense                  ($79,000)

Income before interest and Tax   $245,000

Interest expense                           ($44,000)

Income before tax                          $201,000

Tax 21 %                                         ($42,210)  

Net Income                                     $158,790

Addition to retained Earning =  Net Income -  dividend paid

Addition to retained Earning =  $158,790 -  $74,000

Addition to retained Earning =  $84,790

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