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Net Income and Operating Cash Flows 1. During 2017, Raines Umbrella Corp. had the following: Sales $ 809.000 Cost of Goods Sold $ 549.000 Admin
Net Income and Operating Cash Flows 1. During 2017, Raines Umbrella Corp. had the following: Sales $ 809.000 Cost of Goods Sold $ 549.000 Admin & selling expenses $ 136,000 Depreciation expense 85,000 Interest expense $ 67.000 The tax rate was 3596 (ignoring tax loss carryback or carryforward provisions. Required: A. Prepare Raines Umbrella Corp's income statement for 2017 below. What is the company's net income? B. What was the company's operating cash flow? C. Explain your results in (3) and (b). D. Supposed the company paid out $75,000 in cash dividends. Is this possible? If net capital spending and the change in net working capital were both zero, and if no new stock were issued during the year, what was the change in the firm's long-term debt account
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