Question

Calculate income from operations and net income
Net cash provided by operation .............. $ 49,000
Cost of goods sold ................... $155,000
Selling, general, and administrative expenses ........ $ 62,000
Accounts payable .................. $ 45,000
Extraordinary loss from hurricane, net of tax
Savings $18,000 ................... $ 68,000
Research and development expenses ........... $ 15,000
Net loss from discontinued operations, net of tax
Savings of $12,000 .................. $ 30,000
Provision for income taxes ............... $ 39,000
Net Sales ...................... $420,000
Interest expense ................... $ 32,000
a. Calculate income from operations (operating income) for the year ended December 31, 2007.
b. Calculate net income for the year ended December 31, 2007.



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  • CreatedAugust 26, 2013
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