Question
During the year, the Senbet Discount Tire Company had gross sales of $1.25 million. The companys cost of goods sold and selling expenses were $594,000
During the year, the Senbet Discount Tire Company had gross sales of $1.25 million. The companys cost of goods sold and selling expenses were $594,000 and $247,000, respectively. The company also had notes payable of $860,000. These notes carried an interest rate of 6 percent. Depreciation was $124,000. The tax rate was 24 percent. |
a. | What was the companys net income? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, rounded to the nearest whole dollar amount, e.g., 1,234,567.) |
b. | What was the companys operating cash flow? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, rounded to the nearest whole dollar amount, e.g., 1,234,567.) |
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