Answered: Based on this income statement, what is…

Based on this income statement, what is Operating Cash Flow Sales $661,198 Costs $446,260 Depreciation $86,721 EBIT? Taxes(31%)? Net Income?

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 4MC

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Based on this income statement, what is Operating Cash Flow

Sales $661,198

Costs $446,260

Depreciation $86,721

EBIT?

Taxes(31%)?

Net Income?

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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