Question

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 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.

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Answer #1

spenser co. Operating Income statement for the year ended December 31, 2019.- $694, 800 326, 400 $368,400 Net sales cess: cos

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