Author Question: Outlaws is a general goods retail chain in the High Plains region. Outlaws is forecasting its ... (Read 81 times)

123654777 · **on:** Apr 25, 2021

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 Year 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.
◦ $5,524
◦ $5,745
◦ $5,762
◦ $7,610
◦ $7,385

tmlewis4706 · **Reply #1 on:** Apr 25, 2021

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