Calculate operating income and net income The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2010:
Selling, general, and administrative expenses | $ 51,000 |
Accounts payable | 85,000 |
Extraordinary gain from lawsuit settlement, net of tax expense of $28,000 | 104,000 |
Research and development expenses | 37,000 |
Loss from discontinued operations net of tax savings of $5,000 . . | 16,000 |
Provision for income taxes | 74,000 |
Net sales | 579,000 |
Interest expense | 64,000 |
Net cash provided by operations | 148,000 |
Cost of goods sold | 272,000 |
Required:
a. Calculate the operating income for Spenser Co. for the year ended December 31, 2010.
b. Calculate the company’s net income for 2010.
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