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The Flying Lion Corporation reported the following data on the income statement of one of its divisions. Flying Lion Corporation has other profitable divisions. 20X2 20X1 Net sales $800,000 $500,000 Cost of goods sold 560,000 320,000 Operating expenses 75,000 56,000 Depreciation 300,000 200,000 Tax rate (%) 30 30 1. Prepare an income statement for each year. 2. Determine the operating cash flow during each year. 3. What are the differences between accounting profit and cash flow?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91592516

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