Determine the balance in retained earnings at the end of, Financial Management

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Determine the balance in retained earnings at the end of

TNT Inc. reports the following in its 2016 financial statements (in millions):

Sales 5,045.4

Net income 627.5

Dividends paid 125.5

Retained earnings 9,284.3

Sales and net income are forecasted to grow by 6% per year for the next few years.

a. What will forecasted sales be in 2017 and 2018?

b. Determine the balance in retained earnings at the end of 2017 and 2018 assuming forecasted net income is $702.3 million for 2017 and $758.2 million for 2018.

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