Question: During 2 0 2 0 , Thorold Umbrella Corp. had sales of $ 8 5 0 , 0 0 0 . Cost of goods sold,

During 2020, Thorold Umbrella Corp. had sales of $850,000.
Cost of goods sold, administrative and selling expenses, and depreciation expenses were $610,000, $110,000, and $140,000, respectively. In addition, the company had an interest expense of $85,000 and a tax rate of 35%.(Ignore any tax loss carry-back or carry-forward provisions.)
What is Thorold's net income for 2020?
What is its operating cash flow?
Explain your results in (a) and (b).

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