Outlaws is a general goods retail chain in the High Plains region. Outlaws is forecasting its financial statements for Year 3. Selected financial information for Years 1 and 2 is provided in the table
What is Retained Earnings for Year 3?
Selected Financial Information
Outlaws Inc ($ millions)
Year 2 Ratios
(to sales) Forecast
Year 3
Revenue $29,210 $30,817
COGS 22,152 0.758370
SG&A 5,245 0.179562
Dep. Exp. 621 621
EBIT 1,192
Int. Exp. 277 277
EBT 915
Provision for Income Taxes 288 0.35*
Net Income $627
Dividends $225
Retained Earnings $5,089
Owner's Equity $6,281
*The tax rate is a percentage of Earnings Before Tax.
A) $5,524
B) $5,745
C) $5,762
D) $7,610
E) $7,385
A
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