# $3$ i

Problem $3-16$ Income Statement $($LO$3)$

$10$ points

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Sheryl's Shipping had sales last year of $$18,000.$ The cost of goods sold was $$8,100,$ general and administrative expenses were $$2,600,$ interest expenses were $$2,100,$ and depreciation was $$2,600.$ The firm's tax rate is $21\%.$

a$.$ What are earnings before interest and taxes?

b$.$ What is net income?

c$.$ What is cash flow from operations?

a$.$ Earnings before interest and taxes

b$.$ Net income

c$.$ Cash flow from operations