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Nastasia [14]
3 years ago
11

During the year, Belyk Paving Co. had sales of $2,384,000. Cost of goods sold, administrative and selling expenses, and deprecia

tion expense were $1,441,000, $436,600, and $491,600, respectively. In addition, the company had an interest expense of $216,600 and a tax rate of 35 percent.
Required:
(a) What is Belyk’s net income?
(b) What is Belyk’s operating cash flow?
Business
1 answer:
Zina [86]3 years ago
6 0

Answer:

(a) Income Statement

                                  Belyk Paving Co.

                    Income statement for the year xxxx

Sales                                                      $2,384,000

Cost of goods sold                               $1,441,000

Gross Profit                                            $943,000

Administrative and selling expenses   $436,600

Depreciation expense                           $491,600

Operating Income                                  14,800

Interest expense                                    $216,600

Income before Tax                                ($201,8000)

Tax rate 35%                                          <u> $0             </u>

Net Loss                                                  <u>($201,800)</u>

(b) operating Cash flow

Net Loss                                                       ($201,800)

Add: Non cash Expenses (Depreciation)   <u> $491,600</u>

Cash flow from operating activities            <u> $289,800 </u>

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