Problemduring the year the senbet discount tire company had, Ask an Expert

Accounting

Problem:

During the year, the Senbet Discount Tire Company had gross sales of $1.06 million. The firm's cost of goods and selling expenses were $525,000 and $215,000, respectfully. Senbet also had notes payable of $800,000. These notes carried an interest rate of 7 percent. Depreciation was $130,000. Senbet's tax rate was 35 %

Required:

Question 1: What was Senbet's net income?

Question 2: What was Senbet's operating cash flow?

Note: Explain all calculation and formulas.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171331

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