2, Mahesri Excavations added $411 to retained earnings last year on sales of $24,646. The administrative expenses were $4,370, depreciation
was $812, dividends paid were $285, and the interest expense was $103. What was the cost of goods sold if the total tax rate was 23 percent?
A) $20,225 B) $24,385 C) $18,457 D) $14,815 E) $21,393

Transcribed Image Text:

2. Mahesri Excavations added $411 to retained earnings last year on sales of $24,646. The administrative expenses were $4,370, depreciation was $812, dividends paid were $285, and the interest expense was $103. What was the cost of goods sold if the total tax rate was 23 percent? A) $20,225 B) $24,385 C) $18,457 D) $14,815 E) $21,393 2. Mahesri Excavations added $411 to retained earnings last year on sales of $24,646. The administrative expenses were $4,370, depreciation was $812, dividends paid were $285, and the interest expense was $103. What was the cost of goods sold if the total tax rate was 23 percent? A) $20,225 B) $24,385 C) $18,457 D) $14,815 E) $21,393

Answer rating: 100% (QA)

Solution To find the cost of goods sold we need to use the followi... View the full answer