Question
During the year, the Senbet Discount Tire Company had gross sales of $558,400. The company's cost of goods sold and selling expenses were $190,100 and
During the year, the Senbet Discount Tire Company had gross sales of $558,400. The company's cost of goods sold and selling expenses were $190,100 and $110,700, respectively. The company also had debt of $497,000, which carried an interest rate of 7 percent. Depreciation was $66,000. The tax rate was 22 percent. a. What was the company's net income? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What was the companys operating cash flow? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
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