Calculate income from operations and net income Selected information taken from the financial statements of Graff Co.
Question:
Calculate income from operations and net income Selected information taken from the financial statements of Graff Co. for the year ended December 31, 2009, follows:
Net cash provided byoperations. $ 98,000 Cost of goodssold. 310,000 Selling, general, and administrativeexpenses. 124,000 Accountspayable. 90,000 Extraordinary loss from hurricane, net of tax savings of $36,000. 136,000 Research and developmentexpenses. 30,000 Net loss from discontinued operations, net of tax savings of $24,000... 60,000 Provision for incometaxes. 78,000 Net sales. 840,000 Interestexpense. 64,000
a. Calculate income from operations (operating income) for the year ended December 31, 2009. (Hint: You may wish to review Exhibit 2-2.)
b. Calculate net income for the year ended December 31, 2009.
Step by Step Answer:
Accounting What The Numbers Mean
ISBN: 9780073379418
8th Edition
Authors: David Marshall, Wayne McManus, Daniel Viele