Calculate income from operations and net income Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2010, follows:
Net cash provided by operations | $ 98,000 |
Cost of goods sold | 310,000 |
Selling, general, and administrative expenses | 124,000 |
Accounts payable | 90,000 |
Extraordinary loss from hurricane, net of tax savings of $36,000 | 136,000 |
Research and development expenses | 30,000 |
Net loss from discontinued operations, net of tax savings of $24,000 | 60,000 |
Provision for income taxes | 78,000 |
Net sales | 840,000 |
Interest expense | 64,000 |
a. Calculate income from operations (operating income) for the year ended December 31, 2010. (Hint: You may wish to review Exhibit 2-2.)
b. Calculate net income for the year ended December 31, 2010.
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