Calculate operating income and net income The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2010:
Net cash provided by financing activities | $112,000 |
Dividends paid | 18,000 |
Extraordinary loss from flood, net of tax savings of $35,000 | 105,000 |
Income tax expense | 26,000 |
Other selling expenses | 13,000 |
Net sales | 644,000 |
Advertising expense | 45,000 |
Accounts receivable | 62,000 |
Cost of goods sold | 368,000 |
General and administrative expenses | 143,000 |
Required:
a. Calculate the operating income for Manahan Co. for the year ended December 31, 2010.
b. Calculate the company’s net income for 2010.
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