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LiRa [457]
3 years ago
15

During the year, the Senbet Discount Tire Company had gross sales of $1.14 million. The firm’s cost of goods sold and selling ex

penses were $533,000 and $223,000, respectively. The firm also had notes payable of $880,000. These notes carried an interest rate of 7 percent. Depreciation was $138,000. The firm’s tax rate was 35 percent.
What was the firm’s operating cash flow? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Round your answer to the nearest whole number, e.g., 32.)
Business
1 answer:
Yuri [45]3 years ago
8 0

Answer:

$319,460

Explanation:

Calculation for the firm’s operating cash flow

First step is to calculate EBIT and Taxes

Sales $1,140,000

Less Cost of goods sold 533,000

Less Selling costs 223,000

Less Depreciation 138,000

EBIT $246,000

Interest 61,600

(7%*$880,000)

Taxable income $184,400

(246,000-61,600)

TAXES 64,540

(35%*$184,400)

Now let calculate the firm’s operating cash flow using this formula

Operating cash flow = EBIT + Depreciation - Taxes

Let plug in the formula

Operating cash flow = $246,000 + $138,000 - $64,540

Operating cash flow = $319,460

Therefore the firm’s operating cash flow is $319,460

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5 0
3 years ago
Zheng invested $100,000 and Murray invested $200,000 in a partnership. They agreed to share incomes and losses by allowing a $60
kifflom [539]

Answer:

$57500 to Zheng and $ 47500 to Murray  

Explanation:

   

Allocation of Net income            Zheng            Murray            Total

                                           

Total Net income                                                                    105000

Less: Salary allowance                60000         40000    -100000  

Remaining income                                                              5000

Less: Interest on capital 10%         10000              20000    - 30000

Remaining Loss                                                                      -25000

Share equally                          -12500           -12500        25000

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8 0
3 years ago
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3 0
3 years ago
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Answer:

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Explanation:

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They formed local clubs, which after 1890 were coordinated by the General Federation of Women's Clubs (GFWC).

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7 0
3 years ago
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adelina 88 [10]

Answer:

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No Account & Explanation         Debit     Credit

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        (To record accrued interest)

c)      Wages and salaries expense $5350

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        (To record wages and salaries expense)

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               Fees earned                                    $27600

         (To record fees earned)

e)       Account receivable                $5700

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4 0
3 years ago
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