Selling, general, and administrative expenses were $59,000; net sales were $268,100; interest expense was $6,300; research...
Selling, general, and administrative expenses were $59,000; net
sales were $268,100; interest expense was $6,300; research and
development expenses were $27,800; net cash provided by operating
activities was $69,900; income tax expense was $6,700; cost of
goods sold was $145,500.
Required:
a. Calculate operating income for the period.
b. Calculate net income for the period.
Homework Answers
a.
| Net sales | $268,100 |
| Less: cost of goods sold | 145,500 |
| Gross margin | 122,600 |
| Less: Selling,general and administrative expenses | 59,000 |
| Less: Research and development expense | 27,800 |
| Operating income | $35,800 |
b.
| Operating income | $35,800 |
| Less: Interest expense | 6,300 |
| Income before income tax | 29,500 |
| Less: Income tax expense | 6,700 |
| Net income | $22,800 |
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