Finance Basics During 2015, Rainbow Umbrella Corp. had sales of $920,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $610,000, $125,000, and $155,000, respectively. In addition, the company had an interest expense of $57,000 and a tax rate of 35 percent. (Ignore any tax loss carryback or carryforward provisions.) a. What is the company’s net income for 2015? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.) b. What is its operating cash flow? (Do not round intermediate calculations.
"Is this question part of your assignment? We Can Help!"