Selling, general, and administrative expenses $ 106,000 Accounts payable 170,000 Research and development expenses 77,000 Loss...
| Selling, general, and administrative expenses | $ | 106,000 | |
| Accounts payable | 170,000 | ||
| Research and development expenses | 77,000 | ||
| Loss from discontinued operations, net of tax savings of $8,000 | 24,000 | ||
| Provision for income taxes | 35,000 | ||
| Net sales | 948,000 | ||
| Interest expense | 97,000 | ||
| Net cash provided by operations | 296,000 | ||
| Cost of goods sold | 521,000 | ||
Required:
a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019.
b. Calculate the company's net income for 2019.
Homework Answers
| a | ||
| Operating Income Statement | ||
| For the year ended December 31, 2019 | ||
| Net sales | 948000 | |
| Cost of goods sold | (521000) | |
| Gross profit | 427000 | |
| Expenses: | ||
| Selling, general, and administrative expenses | (106000) | |
| Research and development expense | (77000) | |
| (183000) | ||
| Operating income | 244000 | |
| b | ||
| Operating income | 244000 | |
| Interest expense | (97000) | |
| Income from continuing operations before taxes | 147000 | |
| Provision for income taxes | (35000) | |
| Income from continuing operations | 112000 | |
| Loss from discontinued operations, net of tax savings of $8,000 | (24000) | |
| Net income for 2019 | 88000 | |
Add Answer to:
Selling, general, and administrative expenses
$
106,000
Accounts payable
170,000
Research and development expenses
77,000
Loss...
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