Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement...
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Accounting
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $38,000 Costs $18,400 Taxable income $19,600 Taxes (34%) $ 6,664 Net income $12,936 Dividends $5,200 Addition to retained earnings $7,736 A 20 percent growth rate in sales is projected. Prepare a pro forma income statement assuming costs vary with sales and the dividend payout ratio is constant. Instruction: What is the projected addition to retained earnings?
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