Net Income/Operating Cash Flow, assignment help
During the year, the Senbet Discount Tire Company had gross sales of $1.08 million. The firm’s cost of goods sold and selling expenses were $527,000 and $217,000, respectively. Senbet also had notes payable of $820,000. These notes carried an interest rate of 5 percent. Depreciation was $132,000. Senbet’s tax rate was 40 percent.
| a. |
What was Senbet’s net income? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars (e.g., 1,234,567). Round your answer to the nearest whole dollar amount (e.g., 32).) |
| Net income | $ |
| b. |
What was Senbet’s operating cash flow? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars (e.g., 1,234,567). Round your answer to the nearest whole dollar amount (e.g., 32).) |
| Operating cash flow | $ |
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