Question
During the year, the Senbet Discount Tire Company had gross sales of $1.09 million. The firms cost of goods sold and sellingexpenses were $528,000 and
During the year, the Senbet Discount Tire Company had gross sales of $1.09 million. The firms cost of goods sold and sellingexpenses were $528,000 and $218,000, respectively. Senbet also had notes payable of $830,000. These notes carried an interest rate of 7 percent. Depreciation was $133,000. Senbets tax rate was 35 percent.
What was Senbets net income? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, i.e. 1,234,567. Round your answer to the nearest whole dollar amount. (e.g., 32)) What was Senbets operating cash flow? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, i.e. 1,234,567. Round your answer to the nearest whole dollar amount. (e.g., 32))
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started