Question

P2-2 (similar to) Data Table - X Help income statement. From the following income statement accounts in the popup window, Click on the following kon in order to copy its contents into a Sorean a. produce the income statement for the year b. produce the operating cash flow for the year Teatening uecember 1 Income Statement Accounts for the Year Ending 2017 Revenue Cost of goods sold interest expense $345.000 576000 S2000 $750 000 $64.000 $110,000 Selling, general and administrative expenses Taxable income Done Net income Choose from any list or enter any number in the input fields and then click Check Answe

Answer 1

Answer
Requirement a
Income statement
Year ending December 31, 2017
Revenue	$     750,000
Cost of goods sold	$     345,000
Selling, general and administrative expenses	$       64,000
Depreciation	$     110,000
EBIT	$     231,000
Interest expense	$       76,000
Taxable income	$     155,000
Taxes	$       62,000
Net income	$       93,000

Requirement b.
Operating cash flow for the year 2017
Net income	$       93,000
Add: depreciation	$     110,000
Operating cash flow	$     203,000
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