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During 2010, Raines Umbrella Corp. had sales of $850,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $610,000, $110,000 and $140,000, respectively. In addition, the company has an interest expense of $85,000 and a tax rate of 35 percent. (Ignore any tax loss carry-back or carry-forward provisions.)
a. What is Raines' net income for 2010?b. What is its operating cash flow?c. Explain your results in (a) and (b)?
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What you will do, what you can do, and how to proceed. Do you complete the financials, and are you able to prepare the tax returns?
in 2012 micah johnson ssn 000-22-1111 incurs the following unreimbursed employeebusiness expensesairplane and taxi
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