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Income Tax Rates 2009

Question: please answer asap………?

Dahlia Industries had the following operating results for 2009: sales = $12,288; cost of goods sold = $9,984; depreciation expense = $1,824; interest expense = $432; dividends paid = $480. At the beginning of the year, net fixed assets were $8,736, current assets were $3,072, and current liabilities were $1,728. At the end of the year, net fixed assets were $9,312, current assets were $3,696, and current liabilities were $2,016. The tax rate for 2009 was 32 percent. (Do not include the dollar signs ($). Negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places. (e.g., 32.16))

a. Net income for 2009 is $.
b. The operating cash flow for 2009 is $.
c. The cash flow from assets for 2009 is $. Is this possible? .
d. If no new debt was issued during the year, the cash flow to creditors is $ and the cash flow to stockholders is $.

Answer: a. (12,288-9,984-1824-432) * (1-.32) = 32.64 (note that dividends are not part of the income statement)
b. 12288 – 9984 – 480 + (8736 – 9312) + (3072 – 3696) – (1728 – 2016) = 912
c. 8736 + 3072 – 9312 – 3696 = – 1,200 (It is possible because you spent money and bought assets)
d. Cash flow to creditors = 432
Cash flow to stockholders = 480

Self Employment IRS Income Tax Rate Information & Help 2009, 2010.mov