During 2014, Raines Umbrella Corp. had sales of $760,000. Cost of goods sold, administrative and...
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Accounting
During 2014, Raines Umbrella Corp. had sales of $760,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $498,000, $125,000, and $105,000, respectively. In addition, the company had an interest expense of $58,000 and a tax rate of 35 percent. (Ignore any tax loss carryback or carryforward provisions.) a. What is Raines's net income for 2014? (Do not round intermediate calculations. Input the amount as a positive value.) b. operating cash flow? (Do not round intermediate calculations.)
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