Titan Football Manufacturing had the following operating results for 2014: Sales $19,800 Cost of goods sold $13,960 Depreciation expense $2,350 Interest expense Dividends paid $335 $570. At the beginning of the year, net fixed assets were $14,800, current assets were $2,960, and current liabilities were $2,050. At the end of the year, net fixed assets were $17,540, current assets were $3,320, and current liabilities were $2,140. The tax rate for 2014 was 30%. A. What is the net income for 2014. B. What is the operating cash flow during 2014.

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter12: Balanced Scorecard And Other Performance Measures
Section: Chapter Questions
Problem 6EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...
icon
Related questions
Question

I need correct answer general accounting

Titan Football Manufacturing had the following operating results for 2014:
Sales
$19,800
Cost of goods sold $13,960
Depreciation expense $2,350
Interest expense
Dividends paid
$335
$570.
At the beginning of the year, net fixed assets were $14,800, current assets were
$2,960, and current liabilities were $2,050. At the end of the year, net fixed assets
were $17,540, current assets were $3,320, and current liabilities were $2,140.
The tax rate for 2014 was 30%.
A. What is the net income for 2014.
B. What is the operating cash flow during 2014.
Transcribed Image Text:Titan Football Manufacturing had the following operating results for 2014: Sales $19,800 Cost of goods sold $13,960 Depreciation expense $2,350 Interest expense Dividends paid $335 $570. At the beginning of the year, net fixed assets were $14,800, current assets were $2,960, and current liabilities were $2,050. At the end of the year, net fixed assets were $17,540, current assets were $3,320, and current liabilities were $2,140. The tax rate for 2014 was 30%. A. What is the net income for 2014. B. What is the operating cash flow during 2014.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College