Twine enterprises reported sales of 3 million and net, Ask an Expert

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Twine Enterprises reported sales of 3 million and net income of 400000 for 2010. The retained earnings balance at the end of 2010 is 7 million. Twine Enterprises has a dividend payout ratio of 30%. If sales are expected to increase at 25% next year, what will the projected balance in retained earnings using the percent of sales method?

A) 8.75mil
B)7.28 mil
C)7.35 mil
D)6.72 mil

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