Question
A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below. $...
A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below. $ Advertising and Promotion Expenses Income Tax Expense Interest Expense Other Expenses Other Selling & Administrative Expenses Sales Revenue Salaries and Wages Expense 263, 109 56,560 43.969 123,000 351 408 1,868. 309 725,40e Required: a. Calculate the net income for the Green Thumb Inc. for Year 3. b. Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $162.600 as of January 1, Year 3. and paid out $46.060 in dividends during Year 3. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the net income for the Green Thumb, Inc. for Year 3. Net Income
Required A Required B Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $162,600 as of January 1, Year 3, and paid out $46,060 in dividends during Year 3. GREEN THUMB, INC. Statement of Retained Earnings For the Year Ended December 31, Year 3 Retained Earnings, January 1, Year 3 Retained Earnings, December 31, Year 3
Answers
Solution
Net Income $ 3,04,880.00
GREEN THUMB, INC. Statement of Retained earnings For the Year ended December 31 ' Year 3 Retained Earnings January 1, Year 3 $ 1,62,600.00 Add: Profit Earned during the year $ 3,04,880.00 Less: Dividend Declared during the year $ 46,060.00 Retained Earnings December 31, Year 3 $ 4,21,420.00 Working
GREEN THUMB, INC. Income Statement Sales $ 18,68,300.00 Operating Expenses Advertising and sales promotion expenses $ 2,63,100.00 Salaries and wages expenses $ 7,25,400.00 Other selling and administrative expenses $ 3,51,400.00 Others Interest Expense $ 43,960.00 Other expenses $ 1,23,000.00 Net income Before Taxes $ 3,61,440.00 Income tax $ 56,560.00 Net Income $ 3,04,880.00
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