Question: During 2 0 2 3 , Raines Umbrella Corp. had sales of $ 9 2 5 , 0 0 0 . Cost of goods sold,

During 2023, Raines Umbrella Corp. had sales of $925,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $631,000, $167,000, and $96,000, respectively. In addition, the company had an interest expense of $82,000 and a tax rate of 21 percent. (Assume that interest is fully deductible.) a. What was the company's net income for 2023? b. What was its operating cash flow? c. Explain your results in (a) and (b).

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