During the year, the senbet discount tire company had gross sales of 1.23 million. the company's cost of goods sold and selling expenses were 592,000 and 245,000, respectively. the company also had notes payable of 840,000. these notes carried an interest rate of 4 percent.a. What was Senbet?s net income?
b. What was Senbet?s operating cash flow?

The question is missing some vital points, which are found in the spreadsheet  attached

Senbet's net income is  $185,172.00  

Cash flow from operations is $ 340,772.00  

Explanation:

Find in the attached,complete questions and necessary computations.

Perez Pointers Corporation

1. The amount of sales revenue that Perez will report on the Year 1 first quarterly pro forma income statement is:

= $280,000

2. Cash Receipts Schedule for the first quarter of Year 1:

                                     January       February      March      Quarter Total

Expected sales          $280,000     $322,000  $370,300     $972,300

Cash Collection:

67% month of sale     $187,600      $215,740    $248,101       $651,441

22% month following                          61,600       70,840         132,440

11% second month                                                 30,800          30,800

Total cash collection $187,600      $277,340   $349,741       $814,681

3. The amount of the Accounts Receivable balance as of March 31, Year 1

= $157,619.

Explanation:

a) Data and Calculations:

                                     January       February      March      Quarter Total

Expected sales          $280,000     $322,000  $370,300     $972,300

Cash Collection:

67% month of sale     $187,600      $215,740    $248,101       $651,441

22% month following                          61,600       70,840         132,440

11% second month                                                 30,800          30,800

Total cash collection $187,600      $277,340   $349,741       $814,681

Accounts receivable balance as of March 31, Year 1 =          $157,619