Question: 1. Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2011. Cost of goods sold

1. Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2011.

Cost of goods sold $117,000

General and administrative expenses48,000

Net cash provided by financing activities 69,000

Dividends paid 16,000

Extraordinary loss from a flood, net of tax savings of $32,00074,000

Income Tax expense11,000

Other Selling Expenses26, 000

Net sales 278,000

Advertising expense39,000

Accounts receivable33,000

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