What was the operating cash flow and net income

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Reference no: EM131130807

During the year, the Discount Tire Company had gross sales of $1.16 million. The firm’s cost of goods sold and selling expenses were $535,000 and $225,000, respectively. They also had notes payable of $900,000. These notes carried an interest rate of 6 percent. Depreciation was $140,000. The tax rate was 35 percent. 1. What was the net income? 2. What was the operating cash flow?

Reference no: EM131130807

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