Budgeted net income-budgeted retained earnings

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Reference no: EM13786684

Bracken Corporation budgets the following for 2015 operations:

Sales $800,000

Cost of Goods Sold 60%

Bad Debts 2%

Sales Commissions 8%

Fixed Selling and Admin Exp. $ 90,000

Depreciation $ 50,000

Tax Rate 30%

Dividend Payout Ratio 50%

Retained Earnings on 1/1/2015 $ 125,000

1. Budgeted Net Income for 2015 is?

2. Budgeted Retained Earnings on 12/31/2015 is?

Reference no: EM13786684

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