During the year, the senbet discount tire company had gross sales of $1.15 million. the firm’s cost of goods sold and selling expenses were $534,000 and $224,000, respectively. the firm also had notes payable of $890,000. these notes carried an interest rate of 5 percent. depreciation was $139,000. the firm’s tax rate was 40 percent. a. what was the firm’s net income? b. what was the firm’s operating cash flow?

Suppose you manage an upscale restaurant in new york city. would involve writing employee schedules and a list of things to do for the chef and other kitchen staff

For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree).wagner corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar. spooner oil company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost. no mention of the change was included in the financial statements. the change had a material effect on spooner's financial statements. cypress manufacturing company purchased machinery having a five-year life. the cost of the machinery is being expensed over the life of the machinery. rudeen corporation purchased equipment for $180,000 at a liquidation sale of a competitor. because the equipment was worth $230,000, rudeen valued the equipment in its subsequent balance sheet at $230,000.davis bicycle company received a large order for the sale of 1,000 bicycles at $100 each. the customer paid davis the entire amount of $100,000 on march 15. however, davis did not record any revenue until april 17, the date the bicycles were delivered to the customer. gigantic corporation purchased two small calculators at a cost of $32.00. the cost of the calculators was expensed even though they had a three-year estimated useful life. esquire company provides financial statements to external users every three years.

How might non-industrialized countries be impacted by the foreign exchange market?