The following information is available from the accounting
records of Spenser Co. for the year ended December 31,
2019:
Selling, general, and administrative expenses | $ | 61,200 | |
Accounts payable | 102,000 | ||
Research and development expenses | 44,400 | ||
Loss from discontinued operations, net of tax savings of $6,000 | 19,200 | ||
Provision for income taxes | 88,800 | ||
Net sales | 694,800 | ||
Interest expense | 76,800 | ||
Net cash provided by operations | 177,600 | ||
Cost of goods sold | 326,400 | ||
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.
If you have any doubts please comment on the answer.
The following information is available from the accounting records of Spenser Co. for the year ended...
The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2019: Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $36,600 Income tax expense Other selling expenses Net Sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $105,000 20,000 109,800 25, 346 14,200 642,600 47,000 61,880 366,282 142,700 Required: a. Calculate the operating income for Manahan Co. for the year...
The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2016: Net cash provided by financing activities $ 107,000 Dividends paid 19,900 Loss from discontinued operations, net of tax savings of $37,133 111,400 Income tax expense 25,586 Other selling expenses 12,900 Net sales 642,800 Advertising expense 47,200 Accounts receivable 56,400 Cost of goods sold 366,396 General and administrative expenses 143,200 Required: a. Calculate the operating income for Manahan Co. for the year...
The following information is available from the accounting records of Geneva Co. for the year ended June 30, 2018: Calculate the operating income for Geneva Co. for the year ended June 30, 2018. Show all of your work. Calculate the company’s net income for fiscal year 2018. Accounts payable Cost of goods sold Interest expense Net cash provided by operations Net sales Provision for income taxes Research and development expenses Selling, general, and administrative expenses 90,000 270,000 60,000 150,000 490,000...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 24,000 104,800 36,000 28,800 50,400 21,600 35,200 13,600 293,600 32,800 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 15,000 65,500 22,500 18,000 31,500 13,500 22,000 8,500 183,500 20,500 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 33,000 144, 100 49,500 39,600 69,300 29, 700 48,400 18,700 403.700 45, 100 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income...
co uld someone walk me through the steps to complete this please? Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 18,000 78,600 27,000 21,600 37,800 16, 200 26,400 10, 200 220,200 24,600 Required: a. Calculate income from...
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.
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