Problem:
During the year, Belyk Paving Co. had sales of $2,397,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,428,000, $435,300, and $490,300, respectively. In addition, the company had an interest expense of $215,300 and a tax rate of 30 percent. (Ignore any tax loss carryback or carryforward provisions.)
Required:
Question 1: What is Belyk's net income?
Question 2: What is Belyk's operating cash flow?
Note: Please provide step by step solution.