Question
In: Accounting
During 2018, Raines Umbrella Corp. had sales of $739,000. Cost of goods sold, administrative and selling...
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During 2018, Raines Umbrella Corp. had sales of $739,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $454,000, $99,000, and $144,500, respectively. In addition, the company had an interest expense of $72,200 and a tax rate of 24 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully tax deductible.) |
| a. | What is the company’s net income/loss for 2018? (Do not round intermediate calculations. Enter your answer as a positive value.) |
| b. | What is the company's operating cash flow? (Do not round intermediate calculations.) |
Solutions
Expert Solution
| 1) | Sales | 739,000 | |
| Cost of Goods sold | 454,000 | ||
| Gross profit | 285,000 | ||
| admin and selling expense | 99,000 | ||
| Depreciation | 144,500 | ||
| EBIT | 41,500 | ||
| Interest Expense | 72,200 | ||
| EBT | (30,700) | ||
| Tax Expense | - | ||
| company’s net (loss) for 2018 | (30,700) | ||
| 2) | Net loss | (30,700) | |
| Add: Depreciation | 144,500 | ||
| Net cash flow from operating activity | 113,800 | ||
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