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Building an Income Statement During the year, FUJARIAH FOOD INDUSTRIES COMPANY had gross sales of AED 895,000. The firm cost of goods and selling expenses were AED 461.000 and AED 215.000, respectively. The company also had notes payable of AED 685.000 . These notes carried an interest rate of 4%. Depreciation was AED 108.000 . The Tax rate was 21%. 1. What was the company net income? 2. What was the company operating cash flow? Solution: 1 Fujariah Food Industries Company Income Statement For the Period Solution: 2 Operating Cash flow EBIT+ Depreciation - Taxes 111,000+108,00017556= AED 201,444 OCF=AED201,444