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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