To Estimate Missed Places,Inc

question 14

Multiple Choice

To estimate Missed Places,Inc.'s (MP) external financing needs,the CFO needs to figure out how much equity her firm will have at the end of next year.At the end of the most recent fiscal year,MP's retained earnings were $158,000.The Controller has estimated that over the next year,gross profits will be $360,700,earnings after tax will total $23,400,and MP will pay $12,400 in dividends.What are the estimated retained earnings at the end of next year?

• A) $169,000
• B) $170,400
• C) $181,400
• D) $506,300
• E) $518,700
• F) None of the above.

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Definitions:

Tickler File

A reminder system or method used for tracking deadlines and important dates, often organized by date.

Unpaid Vouchers

Open or outstanding vouchers representing liabilities for goods or services received but not yet paid for by the company.

Voucher Number

A unique identification code assigned to each transaction or invoice in an accounting system.

Vouchers Payable

An accounting term that refers to accounts payable obligations for which vouchers have been created but not yet paid.