l Finance versus Accounting: An example I Cash flow versus Earnings: U During 2001, the True North Tire Co. had gross sales of $1 million. The firm's cost of goods sold and selling expenses were $300,000 and $200,000 respectively. Depreciation was $100,000. True North's tax rate in 2001 was 40%. I What is the company's net income? I What is the company's cash from operations