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Question - The owner of a bicycle repair shop forecasts revenues of $184,000 a year. Variable costs will be $56,000, and rental costs for the shop are $36,000 a year. Depreciation on the repair tools will be $16,000.
a. Prepare an income statement for the shop based on these estimates. The tax rate is 20%.
Income statement to be in order and include with monetary values/etc.
-Depreciation - $16,000
-Pretax profit
-Rental costs
-Revenue
-Taxes
-Variable costs
b. Calculate the operating cash flow for the repair shop using the three methods given below:
Now calculate the operating cash flow.
-Dollars in minus dollars out.
-Adjusted accounting profits.
-Add back depreciation tax shield.
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