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[Solution Library] a. (Income statement) At the end of its third year of operations, the Best Manufacturing Co. had $4,500,000 in revenues; $3,375,000 in cost

Question: a. (Income statement) At the end of its third year of operations, the Best Manufacturing Co. had $4,500,000 in revenues; $3,375,000 in cost of goods sold; $450,000 in operating expenses, which included depreciation expense of $150,000; and had a tax liability equal to 35 percent of the firm’s taxable income. What is the net income of the firm for the year?

b. Best Manufacturing Co. plans to reinvest $50,000 of its earnings back in the firm. What does this plan leave for the payment of a cash dividend to Best’s stockholders?

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