Griffin's goat farm, inc., has sales of $671,000, costs of $333,000, depreciation expense of $77,000, interest expense of $48,500, a tax rate of 24 percent, and paid out $44,500 in cash dividends. what is the addition to retained earnings

Calculation of addition to retained earnings:

It is given that Griffin's Goat Farm, Inc., has sales of $671,000, costs of $333,000, depreciation expense of $77,000, interest expense of $48,500, a tax rate of 24 percent, and paid out $44,500 in cash dividends.

The addition to retained earnings can be calculated as follows:

Sales                                                       $671,000

Less: Costs                                            $333,000

Less: Depreciation Expense                $77,000

Less: Interest Expense                        $48,500

Profit before tax =                                $212,500

Less: Tax (212500*24%) =                  $51,000

Net Profit =                                          $161500

Less: Dividends                                  $44,500

Net Addition to the retained earnings = $117,000

Hence, in addition to retained earnings is $117,000

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empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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explanation: