Firm A has COGS equal to $500000 for the year ended 2004.gross profit for the year also was $500000 and the profit margin for the year was 15%.the retention rate for the year was 80%,and year 2004 was the firm first year of operations.
Based on the info. please provide the statement of retained earnings for the yearended2004 for firm A.

Firm A has Cost of Goods Sold equal to $500,000 for the year ended 2004.

Gross profit for the year also was $500,000 and the profit margin for the year was 15%.

The retention rate for the year was 80%,and year 2004 was the firm first year of operations.
Based on the info. please provide the statement of retained earnings for the year ended 2004 for firm A.

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2004.

Sales = $1,000,000
Cogs = $ 500,000
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Gross margin = $ 500,000
Expenses ***= $ 350,000
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Net Profit ****= $150,000 = 15% of Sales.
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Statement of retained earnings for the year ended 2004 .

NET PROFIT as above = $150,000.
Dividend 20% ******= $ 30,000.
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RETAINED EARNINGS = $120,000 = 80% N P.

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