During the year the Senbet Discount Tire Company had gross sales of $870 000. The firm's cost
Question:
During the year the Senbet Discount Tire Company had gross sales of $870 000. The firm's cost of goods sold and selling expenses were 5280.000 and S155 000 respectively. Senbet also had notes payable of $650.000. These notes carried an interest rate of 6 percent Depreciation was 586.000 Senbet's tax rate was 35 percent.
a. What was Senbet's net income?
b. What was Senbet's operating cash flow?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (19 reviews)
a Calculation of Net Income Particulars Amount Sales 87000000 Cost of goods sold 28000000 ...View the full answer
Answered By
Sarfraz gull
have strong entrepreneurial and analytical skills which ensure quality tutoring and mentoring in your international business and management disciplines. Over last 3 years, I have expertise in the areas of Financial Planning, Business Management, Accounting, Finance, Corporate Finance, International Business, Human Resource Management, Entrepreneurship, Marketing, E-commerce, Social Media Marketing, and Supply Chain Management.
Over the years, I have been working as a business tutor and mentor for more than 3 years. Apart from tutoring online I have rich experience of working in multinational. I have worked on business management to project management.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Corporate Finance Core Principles and Applications
ISBN: 978-0077905200
3rd edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford
Question Posted:
Students also viewed these Accounting questions
-
During the year, the Senbet Discount Tire Company had gross sales of $1.2 million. The firm's cost of goods sold and selling expenses were $450,000 and $225,000, respectively. Senbet also had notes...
-
What is the difference between cost of goods sold and adjusted cost of goods sold?
-
During 2011, Lacee Enterprises had gross sales of $247,000. At the end of 2011, Lacee had accounts receivable of $83,000 and a credit balance of $5,600 in Allowance for Bad Debts. Lacee has used the...
-
Calculate the directional derivative in the direction of v at the given point. Remember to use a unit vector in your directional derivative computation. g(x, y, z) = xe-y, v = (1, 1, 1), P = (1,2,0)
-
Write a curved-arrow mechanism for the acid-catalyzed hydrolysis of the imine derived from benzaldehyde and ethylamine (CH3CH2NH2). Use the principle of microscopic reversibility (p. 171) to guide...
-
Explain Statistical Process Control. What are the different types of variations?
-
Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in...
-
The weight of turkeys is normally distributed with a mean of 22 pounds and a standard deviation of 5 pounds. a. Find the probability that a randomly selected turkey weighs between 20 and 26 pounds....
-
Norwalk Enterprises manufactures insulated cold beverage cups printed with college and corporate logos , which it distributes nationally in lots of 1 2 dozen cups. In June, Norwalk produced 4 , 5 0 0...
-
Williams Technology (WT) is a private corporation formed in 2006. WT develops and sells software for many purposes: theft recovery, geo-mapping, data and device security, and IT asset management. To...
-
Hughes Technology has had net income of $450,000 in the current fiscal year. There are 100,000 shares of common stock outstanding along with convertible bonds, which have a total face value of $1.2...
-
The capital accounts of Harrison and Marti have balances of $180,000 and $130,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Harrison invested an...
-
Kraft Unlimited, Inc., was organized and authorized to issue 5,000 shares of $100 par value, 9 percent preferred stock and 50,000 shares of no par, $5 stated value common stock on July 1, 2014....
-
Mandatory disclosure a. eliminates the need for traditional discovery devices. b. does little to reduce the gamesmanship of discovery. c. is based on full and open disclosure. d. all of the above.
-
True Or False Under the Federal Rules of Civil Procedure, if a party fails to respond to requests for admission, those matters are deemed admitted.
-
If an attorney determines that a viable claim exists, they may send a(n) ____________ letter to the defendant setting forth why the defendant is liable and demanding a certain amount of money to...
-
What is the difference between a jury trial and a bench trial?
-
In some states standard jury instructions are used to ____________ the jury.
-
Given the chemical equation for the combustion of propane, C 3 H 8 , balance the equation and interpret the coefficients in terms of (a) Moles (b) Milliliters: C3H8(g) + O2(8) spark CO(g) + HO(g)
-
What are some of the possible sources of information about a company that could be used for determining the companys competitive stance?
-
The Endangered Species Act stipulates that recovery plans be established for each listed species without regard to the cost of recovery. Using economic reasoning, explain what you perceive as the...
-
Stand-alone revenue allocation, Funland is an amusement park complex in southern Florida. Funland is divided into three autonomous divisions: a water park, a superhero theme park with rides, and an...
-
Effect of demand (continuation of 15-33), the director of the water park, Lori Lemaris, is upset with the allocation of the revenues for the three-day ticket. Because of her hard work, and Floridas...
-
Revenue allocation, bundled products Heavenly Resorts operates a five-star hotel with a world- recognized championship golf course. Heavenly has a decentralized management structure, with three...
-
How did you calculate Amortization accrued: $ 7 2 , 0 0 0 per period x 2 years and 2 months = $ 1 6 0 , 8 0 0?
-
The following transactions for Habari Company occurred during January 2 0 1 7 : Jan 1 Purchased a two - year insurance policy for cash, $ 8 , 4 0 0 . Jan 4 Paid utilities bill that was received in...
-
ABC partnership is dissolving.assume the noncash assets ( axxounts recwivable with a carrying amount of 4 5 0 0 0 and equupment with a cost of 6 5 0 0 0 and accumulated depreciation of 3 5 0 0 0 )...
Study smarter with the SolutionInn App