Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help below During 2020, the Abel Co. had gross sales of $600,000. The firms cost of goods sold and selling expenses were $200,000 and
Please help below
During 2020, the Abel Co. had gross sales of $600,000. The firms cost of goods sold and selling expenses were $200,000 and $50,000, respectively. These figures do not include depreciation. Abel also had notes payable of $1,000,000. These notes carried an interest rate of 10 percent. Depreciation was $100,000. Abels tax rate in 2020 was 20%. What was Abels net income?
$77,500
$87,500
$97,500
$105,000
$120,000
Question 31 In the above question, what was Abel's operating cash flow?
$215,500
$237,500
$251,500
$320,000
$345,500
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