Problem 3-16 Income Statement (LO3) Sheryl's Shipping had sales last year of $18,000. The cost of goods sold was $8,100, general and administrative expenses were $2,600, interest expenses were $2,100, and depreciation was $2,600. The firm's tax rate is 21%. a. What are earnings before interest and taxes? b. What is net income? c. What is cash flow from operations? a. Earnings before interest and taxes b. Net income c. Cash flow from operations $ $ $ 4,700 1,820 4,420

Problem 3-16 Income Statement (LO3) Sheryl's Shipping had sales last year of $18,000. The cost of goods sold was $8,100, general and administrative expenses were $2,600, interest expenses were $2,100, and depreciation was $2,600. The firm's tax rate is 21% a. What are earnings before interest and taxes? b. What is net income? c. What is cash flow from operations