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Last year the sales at Summit Company were $350,000 and were all cash sales. The

ID: 2372710 • Letter: L

Question

Last year the sales at Summit Company were $350,000 and were all cash sales. The expenses at Summit were $280,000 and were all cash expenses.

Last year the sales at Summit Company were $350,000 and were all cash sales. The expenses at Summit were $280,000 and were all cash expenses.

Click here to view Exhibit 13B-1 and Exhibit 13B-2 to determine the appropriate discount factor(s) using tables. The tax rate was 33%. The after-tax net cash inflow at Summit last year was: (Round discount factor(s) to 3 decimal places and your final answer to the nearest whole number.)

Explanation / Answer

$70,000

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